The S&P 500 gained 1.58% to 7,688.62 on Wednesday, extending its advance to a second session as investors reacted to Democrats taking control of both chambers of Congress. The Dow Jones Industrial Average jumped 3%, while the Nasdaq Composite climbed 1.4%. Consumer discretionary stocks led the rally, while energy shares fell alongside crude oil prices.

December S&P 500 futures traded as high as 7,746.25 and as low as 7,490.00. The contract finished at 7,721.00, near the session high and more than 102 handles above the day’s midpoint of 7,618.13, gaining 124.25 handles.

After the closing bell, AppLovin forecast fourth-quarter revenue above analyst expectations, sending shares higher in extended trading. Qualcomm shares moved lower despite topping earnings estimates as handset revenue declined, while Arm also reported quarterly results above expectations.

On Thursday, market participants can look forward to weekly jobless claims and third-quarter productivity and unit labor cost data, both scheduled for 8:30 a.m. ET. Investors will also watch earnings from ConocoPhillips and Sony before the opening bell, with Airbnb and Cloudflare reporting after the close.

Among the largest components of the index, Microsoft Corp. (NASDAQ: MSFT) emerged as the biggest gainer. The technology giant advanced by $34.81, or 6.68%, to close at $555.80, near its 52-week high. That performance was approximately 4.2 times the cash index’s 1.58% gain.

Conversely, the biggest loser was Tesla Inc. (NASDAQ: TSLA). For the day, the electric-vehicle maker declined by $13.31, or 3.34%, to close at $385.19.