Dow jumps 3% as Democratic midterm win eases Wall Street uncertainty

Wall Street stocks rose sharply Wednesday after Democrats secured control of both chambers of Congress in the U.S. midterm elections, easing political uncertainty and boosting investor risk appetite. The Dow Jones Industrial Average surged 3.03% to close at 53,356.12, its best daily gain since April 2025, while the S&P 500 rose 1.58% and the Nasdaq gained 1.44%. A drop of over 8% in oil prices, tied to hopes for an end to the Iran conflict, also supported the broader market. Investors favored cash-rich technology firms like Amazon, Meta, and Alphabet, but datacenter operators and chip stocks fell on fears of stricter regulation, including a promised moratorium on datacenters in Texas. Consumer and financial stocks gained, while defense and energy shares declined.