MARKET SNAPSHOT: U.S. Stocks Head Higher After Midterm Elections, Jobs Data

By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks are moving decidedly higher on Wednesday, in the wake of positive jobs data and midterm election results that propelled Republicans to hold a majority block in the Senate.

Investors appear to give the service sector data a pass, which showed it has been growing at a somewhat slower pace.

Both the S&P 500 (SPX) and the Dow Jones Industrial Average (DJI) are trading above their previous closing records and near their intraday highs.

The Nasdaq Composite (RIXF) also inched higher.

Investors welcomed the results of midterm elections in which Republicans, who are generally viewed as more pro-business, regained control of the Senate. By taking the Senate and keeping the House, the GOP takes control of Congress for the first time in eight years.

Read: A breakdown of how the market performs after midterm elections.

The dollar(USDJPY) shot to a seven-year high against the yen in wake of those election results. As the dollar surged, gold prices(GCZ4) tumbled about 2%, and silver (SIZ4) sank nearly 4%. Republicans are expected to be tougher on the Federal Reserve and so-called loose monetary policies.

See: The surprises that defined Republicans' very good Election Day

Helping general sentiment was positive report on private-sector hiring. ADP report showed the private sector added 230,000 jobs last month, exceeding consensus forecasts. It is the sixth month in seven that private-sector hiring has topped 200,000.

Separately, U.S. service sectors such as retail and real estate grew at a still-rapid but somewhat slower pace in October while an employment gauge hit a nine-year high, according to monthly survey of senior executives.

Stocks to Watch: Mondelez International Inc (MDLZ) surged after the packaged-food company beat estimates for the third-quarter earnings.

EOG Resources (EOG) jumped after the oil and gas company beat earnings and revenue forecasts and raised its full-year production outlook.

Time Warner Inc. (TWX) shares climbed after its sales and earnings beat forecasts.

Later on Wednesday, Tesla Motors Inc. (TSLA) will report, and shares were up 1.1% ahead of those results. What to expect from Tesla earnings

Shares of Activision Blizzard Inc. (ATVI) rose after the group posted a weaker-than-expected outlook for the fourth quarter in late trading Tuesday, but earnings beat forecasts.

TripAdvisor Inc. (TRIP) slid after its third-quarter results disappointed.

FireEye Inc. (FEYE) tumbled after the company missed sales forecasts for the third quarter.

(Read more about the day's notable stocks in Movers & Shakers column: http://www.marketwatch.com/storyno-meta-for-guid.)

Commodities under pressure: While gold fell, there was also no letup for oil prices, with WTI crude(CLZ4) down another 40 cents. U.S. stocks finished a choppy session lower on Tuesday, dragged by steep losses for energy companies.

Europe stocks caught a tailwind from higher U.S. stock futures. In Asia, stocks generally fell, outside of a 0.4% gain for the Nikkei 225 index .

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