U.S. stocks rallied after Democrats won control of Congress
U.S. stocks rallied Wednesday after Democrats won control of both chambers of Congress. The Dow Jones Industrial Average rose 1,042.01 points, or 2.01%, to 52,828.73 in early trading; the S&P 500 and Nasdaq each gained 1.22%. The Associated Press reported solar and wind stocks climbed, while noting Wall Street generally favors divided government.
More context
Wednesday’s trading began with U.S. shares advancing after Democrats secured both chambers in Tuesday’s midterm elections. Early trading put the Dow Jones Industrial Average at 52,828.73, up 1,042.01 points (2.01%). The S&P 500 added 1.22% to 7,661.32, and the Nasdaq Composite rose 1.22% to 25,680.97. The Cboe Volatility Index, which measures expected fluctuations in the S&P 500, fell 14.83% to 17.74. The Associated Press reported gains among solar and wind companies, including First Solar, up 9.6%, and Enphase Energy, up 10.3%. The AP said Wall Street generally prefers divided control of Washington because it can reduce the risk of major economic changes. Democrats will take control of Congress in January, while Donald Trump retains executive authority over defense, foreign policy and, in some cases, trade.
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Reporting
- Anadolu Agency — US stocks rally at open after Democrats win control of Congress
- kttc.com (with Associated Press) — US stocks rally, and the Dow soars more than 1,000 points
Verifier’s note
Anadolu Agency reports U.S. stocks opened higher after Democrats won both chambers, and The Associated Press reports stocks were rallying after the election. Both directly support the proposed event.