Wall Street rallies as split Congress eases policy risk

bnnbloomberg.ca —

U.S. stocks surged Wednesday after President Donald Trump's party lost sole control of Washington in the midterm elections, with the Dow Jones Industrial Average rallying 1,569 points, or 3 percent. The S&P 500 jumped 1.6 percent for its best day in three months, while the Nasdaq composite climbed 1.4 percent. Healthcare stocks, dollar stores, and renewable energy companies led gains, while Trump Media, Tesla, and military suppliers fell sharply. Wall Street generally prefers split control of government as it reduces the risk of transformative economic changes. Brent crude oil plunged 8.7 percent to $94.62 per barrel, and the 10-year Treasury yield dropped to 4.88 percent.


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