US stocks rose at the start of Wednesday’s trading following the midterm elections. The Dow Jones Industrial Average gained 2.9% to 53,337, its highest level in two months. It had closed at 51,787 on Tuesday, leaving it more than 1,500 points below Wednesday’s level.
The S&P 500 advanced 1.8% to 7,703, while the Nasdaq Composite climbed 2% to 25,877. The Nasdaq 100, which tracks the 100 largest non-financial companies by market capitalization, was up just over 1% at 28,573.
Democrats won majorities in both chambers of Congress, giving them greater ability to make it harder for President Donald Trump to advance his agenda. Investors may be less concerned about unpredictable presidential decisions as a result, according to market commentators cited in the report.
All 435 seats in the House of Representatives and 35 of the Senate’s 100 seats were contested. Republicans entered the elections with 53 Senate seats. With counting still under way, projections put Democrats at 54 seats, with the possibility of gaining more.
Sources: Handelsblatt.