US stocks rise as Dow Jones jumps 1300 points after midterm elections
Democratic gains in the midterm elections and falling crude oil prices supported a surge in Wall Street indices on Wednesday.
US stocks traded higher on Wednesday as the Dow Jones Industrial Average rose 1,300 points, or 2.5 per cent, at its daily highs, according to Mint. The S&P 500 surged 1.8 per cent, while the Nasdaq Composite gained 2.4 per cent.
The market movement followed midterm election results where Democrats won control of both the House of Representatives and the Senate. The gains included flipping at least seven Senate seats and winning House races in districts previously held by Republicans.
Major technology stocks saw significant gains, with Amazon rising 8 per cent, while Apple and Microsoft both advanced 6 per cent. Alphabet gained 5.7 per cent and Meta Platforms climbed 3.5 per cent.
In contrast, Tesla fell 2 per cent and Nvidia declined 1 per cent. SpaceX shares also sank 3 per cent.
Market sentiment was further supported by a decline in crude oil prices and falling bond yields. Brent crude dropped by nearly $2 a barrel as investors assessed the outlook of the US-Israeli war with Iran.
US Treasury yields also eased, with the benchmark 10-year Treasury note yield falling 3 basis points to 4.917 per cent. President Donald Trump acknowledged that the Iran war contributed to his party's defeat in the elections.
