Early Wednesday morning, in an upset that shocked many, Donald Trump became the US President-Elect. Futures markets plunged overnight following the news, but the stock market enjoyed a rally on Wednesday, which is atypical after any presidential election. Since then, the market has generally remained buoyant. Notably, bank stocks have surged but tech and telecom have slid.

The weekly EIA petroleum status report showed crude oil inventories rose 2.4M barrels in the November 4 week, on top of the prior week’s record setting 14.4M barrel gain. Crude oil prices dropped momentarily but recovered. Meanwhile, gasoline was down 2.8M barrels and distillate fuel was down 1.9M barrels, after both being up the prior week. Volatility in the oil markets is high.

The weekly jobless claims report showed little change, with jobless claims remaining at near record lows. Initial claims fell 11,000 to 254,000 for the November 5 week, putting it lower than the 4-week average of 259,750. Continuing claims followed suit, with 2.041M for the October 29 week, which is just a notch lower than the 4-week average. The report suggests continued strength in the labor market.