Amazon Was the Biggest Winner on the Entrepreneur Index™ Today
The mid-term elections played out as expected, with the Democrats winning the House and the Republicans retaining the Senate. What that means for the second half of President Trump's first term is anyone's guess, but that's okay with the stock market.
The Dow and S&P 500 indexes were up 2.13 percent and 2.12 percent, respectively, with strength across virtually all sectors. The Entrepreneur Index™ was up 3.02 percent, with only five of 60 stocks in the red today.
Technology stocks led the rise with the Nasdaq Composite index up 2.64 percent on the day. Netflix (5.36 percent), Adobe Systems Inc. (5.35 percent) and salesforce.com (5.85 percent) were all up sharply. Amazon jumped 6.86 percent, the biggest gain on the Entrepreneur Index™ today. The tech giant's stock was down nearly 20 percent in October but it is once again leading the market higher. Amazon is up 49 percent on the year so far.
Healthcare stocks rallied today as the risk of a full repeal of Obamacare is likely more remote with a split Congress. Universal Health Services, which manages acute care facilities, was up 2.82 percent. Alexion Pharmaceuticals also gained 3.21 percent. The biotech firm, focused on developing for drugs to treat rare diseases, has been volatile this year, but is up more than 10 percent so far this month.
Medical device maker Boston Scientific Corp. gained 2.99 percent. The company recently posted good financials for the third quarter but tightened earnings forecasts, citing the impact of a rising U.S. dollar on foreign earnings. The stock is up 53 percent on the year.
Oil and gas producer Hess Corp. is apparently attracting value investors. The stock fell nearly 25 percent in October along with the price of oil. It was up 3.78 percent today while the price of crude was down another 1 percent. Despite the sanctions against Iran taking effect this week, U.S. oil output and inventories continue to rise. With the price of crude oil down more than 20 percent since early October, oil is technically in a bear market.
Wynn Resorts posted a good 3.92 percent gain today. The casino operator's stock has been swinging lately because of worries about the Chinese economy and global growth outlook. Wynn announced today that Phil Satre, former CEO of Harrah's Entertainment, would succeed retiring chairman of the board D. Boone Wayson. The company will also report earnings after the market closes today. The stock is down 32 percent this year.
Rollins Inc. was up 3.73 percent on the day. The pest-control heavyweight posted 8 percent growth in sales in the third quarter, with about 3 percent coming from new acquisitions. The stock has gained 32 percent this year.
Clothing makers were not in style today. Of the five stocks on the Entrepreneur Index™ that declined today, three were clothing manufacturers. Under Armour Inc. (-1.8 percent) had the biggest drop, followed by Gap Inc. (-1.65 percent) and Ralph Lauren Corp. (-0.31 percent).
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.