Wall Street surges as Democrats win US midterms

Wall Street markets surged after Democrats won control of both houses of Congress in the US midterm elections, with the Dow Jones index rising 3 percent and oil prices falling 8 percent. The blue-chip Dow reached 53,342 points, while the S&P 500 and Nasdaq each gained 1.7 percent. Australian shares are set to follow, with ASX 200 futures up 1.9 percent to 9,027 points. Analysts noted the Democratic sweep may bring regulatory pressure on tech and AI sectors, though some said the market reaction was partly expected. Gold rose 3.4 percent and the Australian dollar strengthened to 70.08 US cents.