Markets were jittery in the hours leading up to the final election night but stocks rallied after Donald Trump was confirmed as the 45th President of the United States.
The Dow was up 256 points, or 1.4 percent, to 18,589 by the closing bell. The Standard & Poor's 500 index gained 24 points, or 1.1 percent, to 2,163. The Nasdaq composite index rose 57 points, or 1.1 percent, to 5,251.
Most sectors were doing well but the utilities sector slumped 2.41%, with the biggest losers of the day being NextEra Energy Inc (NEE) , Companhia Paranaense de Energia (ELP) , Cia Energetica de Minas Gerais (CIG) , Exelon Corporation (EXC) and Xcel Energy Inc (XEL) .
Juno Beach, FL-based NextEra Energy Inc was the biggest loser of the day. NextEra shares dipped 6.14% to $117.49 per share. The company announced on Oct.31 third quarter earnings of $809 million, or $1.74 per share, compared to $730 million, or $1.60 per share, in the third quarter of 2015.
Companhia Energetica de Minas Gerais, a Brazilian holding firm mainly engaged in the generation, transmission and distribution of electricity, is set to release its third quarter earnings on Nov.11. Shares of GEMIG dipped almost 5.48% to $2.76 today.
Another Brazilian company Companhia Paranaense de Energia engages in the generation, transmission, distribution and sale of electricity in the Brazilian State of Parana. The electricity company is set to release its third quarter earnings on Nov 16. Its shares fell almost 6% to $10.81 per share.
Chicago-based utilities services company Exelon saw its shares decrease 4.72% to $32.07 per share. The company last announced its quarterly earnings data on Oct.26. It reported $0.91 earnings per share (EPS) for the quarter, beating analysts' estimate of $0.78 per share by $0.13.
Meanwhile, shares of Minneapolis, MN-based utilities company Xcel Energy Inc fell 4.67% to $39.58 per share.
The sharp tank in the utilities sector might have something to do with President elect Donald Trump's energy plan, which is favorable towards the coal industry and likely to reduce the market shares of renewable energy companies in the U.S. power market. Trump's critical stance on companies with manufacturing facilities abroad might have contributed to the fall.
Moreover, given Trump's stance on important policy issues like climate change and sanctions on Iran, uncertainties surrounding his presidency have also made it harder for the Organization of Petroleum Exporting Countries to reach a deal on oil production cuts this month.