U.S. stocks surged Wednesday toward their biggest-ever postelection gain, led by a rally in technology shares. The tech-heavy Nasdaq Composite jumped higher than both the S&P 500 and the Dow, gaining 3.9%.
While S&P 500 index gained 2.2%, its best performance on the day after a U.S. presidential election on record and the Dow Jones Industrial Average added 367 points or 1.3% at the close of markets on Wednesday.
1. Biogen BIIB | Increased +43.97%
Biogen stock jumped Wednesday after a U.S. Food and Drug Administration panel said the biotech’s Alzheimer’s disease treatment was found effective enough in a large trial to support approval.
2. Pinduoduo PDD | Increased +12.83%
Shanghai-based e-commerce firm Pinduoduo is a rare Chinese stock that has been consistently rising during this volatile period in the markets. Yesterday its shares were up 7.2% after catching an upgrade to Buy from Goldman Sachs.
Video: Why Jim Cramer Is Scaling Back Some Stock Positions Amid Market Rally (TheStreet)
3. DocuSign DOCU | Increased +12.75%
4. NetEase NTES | Increased +9.04%
Chinese tech stock Netease was off 3.2% yesterday.
5. Facebook FB | Increased +8.32%
Tech stocks like Facebook were among leading gainers on the stock market Tuesday and traded slightly under 2% at the close of markets on Election Day.
6. PayPal PYPL | Increased +8.05%
PayPal said non-GAAP earnings for the three months ending in September rose 75% from last year to $1.07 per share as revenues surged 25% to $5.46 billion
Cramer said he liked PayPal’s earnings. “One of the things that are coloring it is that people said their forecast was bad. This company is about a long-term trend towards digitization including crypto. People who are selling the stock simply don’t like the fact that it’s a $212 billion company and it has some flaws.”
All stock prices and activity referenced are pulled from Barchart.com
This article was originally published by TheStreet.