Stocks rallied and held gains as Wall Street weighed a surprising victory by Republican Donald Trump in the presidential election.The Dow Jones, S&P 500 and the Nasdaq closed at session highs, rising more than 1% after overnight lows.
Earlier declines in crude oil prices reversed Wednesday, closing with slight gains even after the Energy Information Administration said domestic crude oil supplies increased by 2.4 million barrels. Oil closed below $50 a barrel after two weeks of supply increases. The energy sector was higher Wednesday after seeing losses earlier in the session. But SunPower (SPWR) fell nearly 14% as Trump's focus on coal and oil is seen as a negative for the global energy company.
Corrections Corporation of America (CXW) jumped more than 45% as investors anticipate the usage of prisons will increase with Trump's promise to deport illegal immigrants.
TheStreet's Valerie Young reports from Wall Street.