Wall Street surges as Democrats win both US chambers

Wall Street surged Wednesday after Democrats won decisive control of both US congressional chambers in the midterm elections, with President Donald Trump accepting the results and eliminating political uncertainty. The Dow Jones Industrial Average jumped 1,569.4 points, or 3.03%, closing at 53,356.12, its best day since April 2025. The S&P 500 rose 1.58% to 7,688.62, and the Nasdaq Composite gained 1.44% to 25,736.51. US crude oil fell over 8% as Vice President JD Vance attributed Republican losses to the Iran war, fueling expectations for conflict resolution. Stocks tied to the broader economy led gains, with Walmart up 4% and Bank of America up 3%. Investors had feared a Democratic sweep would restrict AI data centers, but Texas Governor-elect Gina Hinojosa's pledge to halt such projects pressured CoreWeave and SpaceX shares. Market strategists noted stocks historically perform well under divided government, as fewer policy changes benefit business prospects.