Wall Street rallies as Democrats win Congress, oil drops

invezz.com (Dutch) —

Wall Street stocks rallied Wednesday after Democrats won control of both chambers of Congress in the U.S. midterm elections, reducing political uncertainty and boosting investor buying. A sharp drop in oil prices also supported the broad market. The Dow Jones Industrial Average rose 3.03%, or 1,569.40 points, closing at 53,356.12, its strongest daily performance since April 9, 2025. The S&P 500 gained 1.58% to 7,688.62, while the Nasdaq Composite climbed 1.44% to 25,736.51. Oil futures fell over 8% amid hopes for an end to the Iran conflict. Democratic victories are expected to create a divided government, potentially limiting the administration's policy agenda on taxes, tariffs, and energy. AI infrastructure stocks fell on regulatory concerns, including Texas Governor-elect Gina Hinojosa's pledge for a data center moratorium, while large tech firms like Amazon and Meta rose.


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