QCOM - Post-Election Rally Continues with Indexes up at Least 2%

Stocks jumped on Thursday on hopes the winner of the U.S. presidential and congressional elections would soon be determined, with shares of major tech-related companies leading the gains.

The Dow Jones Industrials soared 542.52 points, or 2%, to 28,390.18.

The S&P 500 jumped 67.01 points, or 2%, to 3,510.45. Thursday also marked the first time since 1982 that the Dow and S&P 500 rose at least 1% in four straight sessions.

The NASDAQ screamed higher 300.15 points, or 2.6%, to 11,890.93.

Those gains put the major averages on pace for their biggest weekly gains since April. The Dow was up 7.1% week to date. The S&P 500 climbed 7.4%, and the NASDAQ was up 9%, over that time period.

Facebook and Amazon both gained more than 2%. Netflix, Apple and Microsoft each closed more than 3% higher. Shares of Facebook have also gained 12% this week. Amazon picked up 9.4% and Apple has risen 9.3%, over that time period while Microsoft has popped 10.3%.

Sentiment on Thursday also got a boost from better-than-expected earnings out of Qualcomm and General Motors. Qualcomm's stock popped 12.8%. General Motors shares gained 5.4%.

Elsewhere, the Federal Reserve said Thursday it kept interest rates unchanged near zero, noting the economy remained well below pre-pandemic levels.

Investors in this high-growth sector cheered a potential divided government as it likely means taxes won't go up, antitrust scrutiny could stay in check and the China trade war doesn't get any worse.

Late Wednesday, media projected that former Vice President Joe Biden was the winner in Wisconsin and Michigan, both states that President Donald Trump won in the 2016 presidential election. Biden would then be just 17 Electoral College votes away from winning

Prices for the 10-Year Treasury were unchanged, keeping yields at Wednesday's 0.77%.

Oil prices skidded 61 cents to $38.54 U.S. a barrel.

Gold prices popped $55.50 to $1,951.70.