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Big market moves don’t usually occur on Election Day. But today seems to be an exception.
Both the S&P 500 and Dow Jones Industrial Average are up more than 1% as of 2 p.m. eastern time today. The Nasdaq has climbed a half a percent.
Those may not sound like much. But they’re big moves for an Election Day.
Two of the last three elections have produced no gains. Only once since 1980 has the S&P 500 edged up more than 1.1%. The lone exception? Four years ago, when the index shot up more than 4%.
Phillips 66 (NYSE: PSX), AOL (NYSE: AOL) and David Einhorn’s favorite company, Chipotle (NYSE: CMG), are among the stocks making big moves today.
AOL (remember them?) advanced 14% after reporting third-quarter earnings that outpaced analyst expectations. Chipotle – which has been in a slump since Einhorn slammed it at the Value Investing Congress in early October – has shot up 5.4% after Bank of America Merrill Lynch analysts upgraded it to a “buy” rating.
Phillips 66 also received an analyst upgrade, boosting its shares 6% in late-day trading.