Closing Bell: Stocks Close at Session Highs; Corrections Corp Shares Jump on Trump Win

Stocks close at session highs on Wednesday afternoon as financial, energy and health care stocks took the lead.

Author:: Valerie Young
Publish date:: Nov 9, 2016 4:29 PM EST

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) - Get Report 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) - Get Report 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.