US stocks rally toward their best day in 3 months
NEW YORK — U.S. stocks are surging Wednesday after President Donald Trump’s party lost its sole control of Washington in the midterm elections. Stocks generally do well in the months following any midterm U.S. election, regardless of who wins, and the S&P 500 soared 1.8 percent toward its best day in three months. The Dow Jones Industrial Average was up 1,112 points, or 2.1 percent, as of 10 a.m.…
U.S. stocks are soaring on Wednesday following President Donald Trump's party losing its sole control of Washington in the midterm elections. Contrary to expectations, the S&P 500 has gained 1.8 percent, inching closer to its best day in three months. The Dow Jones Industrial Average has risen 1,112 points, or 2.1 percent, as of 10 a.m. Eastern time.
The Nasdaq composite is up by 2.4 percent as well. Solar-power companies have been at the forefront, driving the market's rally as traders attempt to distinguish the winners and losers amidst the Republicans' extensive losses. Investors, however, are aware of the risks ahead for Trump's social-media company, the artificial-intelligence sector, and businesses belonging to Elon Musk, who has contributed significantly to Republican campaigns.
Wall Street strategists had previously advised investors to avoid getting carried away with the election results, emphasizing that stock prices are more influenced by factors such as company profits and interest rates than by political control in Washington. Analysts have stressed that the broader market's performance is more dependent on earnings prospects and interest rates than on political outcomes.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- US stocks rally toward their best day in 3 months koreatimes.co.kr
