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The Daily Dow LEXINGTON, KY. (November 5): Normally I do my best to keep politics out of my nightly write-ups, but on election day, it's simply impossible. The market enjoyed a healthy gain today as the conventional wisdom (something we always eye with as much skepticism as faith) is that President Clinton will be re-elected, but that the Republicans will maintain control of the House of Representatives and the Senate.
If that turns out to be the case, the theory goes, the status quo will be maintained and the current balance (tension, gridlock, stalemate, cooperation?) which has allowed for the recent low-interest low-inflation economy will continue. Any other scenario may well throw the market for a loop tomorrow. We'll have to wait and see.
In company news, Chevron is going to invest an additional $350 million in its oil joint venture in western Kazakhstan, according to a spokesman for Prime Minister Akezhan Kazhegeldin. Chevron owns 50 percent of the Tengizchevroil joint venture while Mobil and the Kazakh government each hold 25 percent.
With Caterpillar continuing to advance today and International Paper continuing its retreat, it looks as if the rankings for the Beating the Dow stocks have stabilized a bit with International Paper as the tenth stock on the high yield list. (Remember that a stock's dividend yield increases as its price drops, assuming that the actual dollar dividend amount remains constant.)
If you haven't yet, be Foolish and get to your polling place to cast your vote. It's not any of our business for whom you vote, but it's our pleasure and duty to encourage you to do so. Be Foolish --- Vote!
Today's Dow Numbers
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