US stock markets rally as Democrats win control of Congress
The Dow Jones Industrial Average jumped over 1,100 points following the midterm election results.
Wall Street indices rose on Wednesday, November 4, after Democrats secured control of both the US House of Representatives and the Senate, according to the Economic Times. Investors appeared to welcome the prospect of a divided government, which could lead to more resistance against certain policies of President Donald Trump.
The Dow Jones Industrial Average climbed 1,143.06 points, or 2.21 per cent, to reach 52,929.78. The S&P 500 gained 124.46 points, or 1.64 per cent, to 7,693.38, while the Nasdaq Composite advanced 526.47 points, or 2.08 per cent, to 25,898.48.
Market participants are monitoring potential shifts in healthcare, energy, housing, and tariff policies. The Invesco Solar ETF rose 9 per cent, while healthcare firms including HCA Healthcare, Molina Healthcare, and Centene each saw gains of approximately 6 to 7 per cent.
In contrast, semiconductor stocks faced pressure. Nvidia shares fell 1.73 per cent to $203.11, and Intel declined 3.20 per cent to $58.62. Concerns persist regarding possible restrictions on new data centre construction, particularly in Texas.
Commodities also saw movement, with gold futures rising 2.81 per cent to $4,038.20 and Brent crude oil increasing 3 per cent to $100.49 a barrel. The 10-year Treasury yield stood at 4.913 per cent.
The market calendar for Wednesday includes economic readings from S&P Global and the Institute for Supply Management, alongside an ADP private-sector employment report. Earnings reports from Arm Holdings, McDonald's, Qualcomm, Novo Nordisk, and Uber are also expected.