US stocks rally as oil drops below $100 on Iran war hopes after Democrats win

US stocks surged and oil prices plunged below $100 a barrel on Wednesday after Democrats won a sweeping midterm victory, raising investor hopes the result could push President Donald Trump toward ending the Iran war and lowering energy costs. The S&P 500 rose 1.6% as bond yields fell, with Brent crude dropping nearly 9% overnight to its lowest level in two months. The decline, about 20% this week, eased inflation concerns and boosted global equities, bonds, and gold, while the dollar weakened. Traders expect a Democratic-controlled Congress to pressure Trump on high energy prices, with Vice President JD Vance blaming the war for Republican losses. Renewable energy stocks gained, and the 10-year Treasury yield fell to 4.87%.