Stocks soar after Democrats take control of Congress
Summary
U.S. stocks rose sharply after Democrats won control of both chambers of Congress in the midterm elections. Analysts said political gridlock could limit major policy changes, while corporate earnings and economic conditions are likely to remain bigger drivers of the market.Key Facts
- The Dow Jones Industrial Average gained more than 1,200 points, or 2.4%, shortly after trading opened.
- The S&P 500 rose 1.7%, and the Nasdaq Composite rose 2.1%.
- Democrats took control of both the House and Senate.
- President Trump could veto legislation he opposes, and Democrats lack a filibuster-proof Senate majority.
- Analysts said congressional gridlock may reduce the chance of sweeping tax and spending changes.
- The article says the S&P 500 gained an average of 15.5% in the six months after the last 14 midterm elections dating to 1970.
- Analysts said election results could affect data center construction and regulation of AI-related infrastructure.
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