Dow jumps 3% for its best day in 19 months
Published on November 5, 2026
The Dow jumped 3.03% on Wednesday, its best day since April 2025. Two things drove it: relief after Democrats won Congress, and an oil price in free fall. The question this Thursday is simple. Can the Dow hold these levels into Friday's jobs report?
The Dow posts its best day in 19 months
The Dow gained 1,569 points to close at 53,356.12, CNBC reported. It is back above 53,000 for the first time since September 8, StockTitan noted. The S&P 500 rose 1.58% to 7,688.62 and the Nasdaq Composite 1.44% to 25,736.51, per CappNotes.
Here is the stat that stands out. It was the Dow's best day after a midterm election in 44 years, according to CNN and The Motley Fool. Fear drained out fast. The VIX fell 20% to 16.61.
Why the relief? A Democratic Congress facing a Republican president means gridlock, and gridlock means fewer surprises. Andrew Slimmon of Morgan Stanley Investment Management said he prefers gridlock to one party holding too much power, StockTitan reported, citing CNBC.
Oil collapses and lifts the Dow
Crude had a wild session. Brent lost 8.67% to $94.62 and WTI 8.29% to $88.12, per CappNotes. HDFC Sky puts the drop at nearly 9%, and close to 20% for the week. This morning Brent is hovering near $94, a two month low, the AP reports.
Cheaper oil favors consumer and industrial names, and the Dow is full of them. Consumer discretionary gained 4.3% while energy lost 4.8%, per HDFC Sky. Amazon rose 6.12% and Apple 5.31%, hitting a record intraday high.
Tech lags behind
The Nasdaq 100 added only 0.91%, per CappNotes, and Nvidia fell 3.17%. Investors worry a Democratic Congress will bring tougher rules for AI and data centers. Thierry Wizman of Macquarie sees the main risk as slower data center construction, StockTitan reported.
Asia extends that unease this morning. Korea's Kospi is down about 3.5% and Advantest dropped 9.4% in Tokyo, per the AP. Nasdaq 100 futures are off around 0.8%, according to Investing.com and Yahoo Finance. The gap between the Dow and tech is the thing to watch today.
Key levels today
| Instrument | Level (support / resistance) | Change (daily, Wednesday) | Scenario / What to watch |
|---|---|---|---|
| Dow | Support 53,000 (reclaimed Wednesday for the first time since September 8) | +3.03% | Above 53,000 the rebound holds. A close below would erase a good part of the move. |
| Nasdaq 100 | Support 27,615.75 (Wednesday's futures low, lowest since July 30, per CNBC) | +0.91% | Holding above keeps tech in a slow recovery. A break would reopen the correction. |
| Brent | Support near $94 (two month low) / resistance $100 (broken Wednesday, TheStreet) | -8.67% | A move back above $100 would signal doubts about the Iran thaw. |
| EUR/USD | Support 1.1200 / resistance 1.1270, range top (FXStreet) | +0.39% | A break above 1.1270 would extend dollar weakness. Below 1.1200 the bounce fades. |
Economic calendar
- 7:00 a.m. ET: Bank of England. A hike from 3.75% to 4% is expected, per ForexFundamentals and TraderFactor. If the BoE hikes but signals it is done, the pound can pop then fade. If it holds, sterling could slide.
- 8:30 a.m. ET: weekly jobless claims. About 196,000 expected after 194,000 the prior week, per MacroBullseye for the last print. A number above 210,000 would revive labor worries before Friday.
- Friday, 8:30 a.m. ET: October jobs report. Forecasters expect 65,000 new jobs after 29,000 in September, per ForexFundamentals. A much stronger print would add to bets on a December Fed hike, which Reuters says is expected.
- Tuesday, November 10, 8:30 a.m. ET: October CPI. A hot CPI would hit tech, which is already fragile.
What it changes for your session
- No new GBP or FTSE positions from 6:55 to 7:15 a.m. ET around the Bank of England. Same rule from 8:25 to 8:45 a.m. ET for jobless claims.
- Oil is the most nervous asset after an 8% day. If you trade it, cut your position size hard.
- After a 3% day, the US open can be choppy. Wait for the first 15 minute candle to close at 9:45 a.m. ET before acting on the indexes.
- Today's read breaks if the Dow slips back under 53,000 and Nasdaq 100 futures take out 27,615.75.
- It is the day before payrolls. Afternoon moves can reverse fast, so do not force trades.
Bottom line
The Dow is coming off its best day in 19 months, powered by falling oil and political relief. The open question is whether tech follows, with the Bank of England today and US jobs tomorrow.
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This is not investment advice. For information only.