1) Russia stands to be the beneficiary of the Iran oil ban from newly imposed sanctions, with Moscow taking over Iran’s customers while defying sanctions to import Iranian oil. Although Russia-Iran trade will be by barter only, there will still be high profits for Russia.
2) The Democrats taking control of the House probably means no new consumer legislation because of expected ‘grid lock’ of the legislative branch, meaning little to no new regulation of lending, student loan debt, service and financial protection. No new taxes are expected by business, which should therefore continue economic stimulation.
3) Price of oil sinks from the swelling of US oil inventories. There is too much supply with more oil coming into the market too fast.
4) 7 NOV 18 Stock market closings: The Dow exploded over Tuesday’s election results.
Dow 26,180.30 up 545.29
Nasdaq 7,570.75 up 194.79
S&P 500 2,813.89 up 58.44
10 Year Yield: down at 3.21%
Oil: down at $61.73