U.S. stocks are rising Tuesday morning as technology and industrial stocks recover some of the big losses they took over the last month. Companies including CVS Health and Booking Holdings, the parent company of Priceline.com, are rising after releasing strong third-quarter reports. Stocks have settled down in the last few days as traders wait for results from the midterm elections in the U.S.
KEEPING SCORE: The S&P 500 index rose 8 points, or 0.3 percent, to 2,747 as of noon Eastern time. The Dow Jones Industrial Average gained 108 points, or 0.4 percent, to 25,578. The Nasdaq composite picked up 30 points, or 0.4 percent, to 7,360. The Russell 2000 index of smaller-company stocks added 2 points, or 0.1 percent, to 1,549.
Stocks dropped in October and recovered a sliver of their gains during a three-day rally last week. Since then they’ve made smaller moves as investors anticipate the outcome of the midterm elections. Control of the House of Representatives and Senate are up for grabs and 36 governorships are being contested. Investors will be watching to see how the vote might influence U.S. trade, economic and security policies.
Stocks tend to fall before midterm elections and then rally once the voting is over. The S&P 500 has generated an average price return of 16.7 percent in the 12 months after midterm elections since 1946, according to CFRA.
CVS HAS THE RECEIPTS: Drugstore and pharmacy benefits manager CVS Health rose 4.3 percent to $76.88 after its results topped Wall Street forecasts in the third quarter. It was helped by a large bump in prescriptions. CVS also said it expects to complete its purchase of health insurer Aetna before the Thanksgiving holiday.
BOOK ‘EM: Booking Holdings also surpassed estimates in the latest quarter and gave stronger-than-expected projections for the current quarter.