Stocks have climbed for three-straight days ahead of the midterm elections.
, worth $3.95 billion, according to filings with the Securities and Exchange Commission. The sales came after Musk acquired Twitter for $44 billion.
"Don't depend on the Senate," said LPL's Barry Gilbert and Jeffrey Buchbinder in a note. "Midterms usually provide something of a course correction from presidential elections ... and markets may anticipate prospects of a better policy balance ahead."has been higher 18 out of 18 times in the following year after midterm elections dating back to 1950, with nearly identical historical returns under Democratic and Republican presidents.
The tale of the tape during Tuesday's rally is the advance in biotech, pharmaceutical, financial and defense stocks, which signaled that the market thinks the Republicans will at the very least win the House, Clifton said. Equity futures begin trading before polls in most states have closed. Some races may not be called until later this week, and others could go to a run-off, including a key Senate race in Georgia.
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