Wall Street surges on midterm results and falling oil prices

Wall Street surged Wednesday, with the Dow Jones rising over 1,500 points, as investors reacted to Democratic victories in the midterm elections and a sharp drop in oil prices. The Dow closed up 3.03% at 53,356.12 points, its best day since April 2025, while the S&P 500 gained 1.58% and the Nasdaq rose 1.44%. Hospital and retail stocks led gains, and bond yields fell on expectations of reduced government spending. Oil prices plunged over 8%, with Brent at $94.62 and WTI at $88.12 per barrel, on hopes for a diplomatic resolution to the conflict with Iran.