US stocks surge as Democrats win midterms, Dow jumps 3%

Wall Street rallied sharply after the Democratic Party's victory in the US midterm elections, with the Dow Jones surging 3% to a record high. The market gains were driven by expectations of favorable policies for sectors like insurance and renewables. The Dow Jones rose 3.03% to 53,357 points, its biggest gain since April 2025, led by 3M, Microsoft, and Sherwin-Williams. The S&P 500 advanced 1.58% to 7,688, while the Nasdaq 100 added 0.91% to 28,437. Oil prices plunged over 7% following Vice President JD Vance's comments blaming the Iran war for the defeat. In other markets, the 10-year Treasury yield fell to 4.88%, and gold climbed 3.27% to $4,069. Tech stocks like Nvidia and chipmakers declined on concerns Democrats may restrict data centers and AI growth.