U.S. markets closed significantly higher on Wednesday, as investors reacted positively to the Democrats’ decisive midterm election victory and falling oil prices amid hopes of an end to the Middle East conflict. Traders also drew support from an ADP report showing that U.S. private-sector employment grew more than expected in October. The report said private sector employment climbed by 86,000 jobs in October, matching a downwardly revised increase in September. Street had expected private sector employment to rise by 70,000 jobs compared to the addition of 90,000 jobs originally reported for the previous month. Meanwhile, the Institute for Supply Management (ISM) report showed that services sector growth slowed modestly in October. The ISM Services PMI edged down to 54.5 from 54.9 in September, although a reading above 50 still indicates growth. Street had expected the index to decline to 54.7.
Dow Jones Industrial Average surged by 1,569.4 points or 3.03 percent to 53,356.12, Nasdaq jumped by 364.50 points or 1.44 percent to 25,736.51 and S&P 500 increased by 119.7 points or 1.58 percent to 7,688.62.
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