Wall Street rises after Democrats take Congress
By the AFREEQUE newsroom, based on SABC News
Major US stock indices rose after Democrats took control of both chambers of Congress in the midterm elections. The Dow Jones gained 3.03%, while markets welcomed greater political clarity, according to SABC News.
Wall Street’s three main indices ended higher on Wednesday after Democrats took control of both chambers of the US Congress in the midterm elections, reports SABC News. The Dow Jones rose 3.03%, the S&P 500 gained 1.58% and the Nasdaq 1.44%. Consumer, financial and real estate stocks supported the market.
The MSCI All-World index gained 1.38% and the European Stoxx 600 rose 1.82%, reaching its highest level in two months. By contrast, Brent fell by nearly 9% to $94.62 a barrel after Donald Trump acknowledged that the war in Iran had contributed to the Republican defeat. Investors are also anticipating increased control by the Democratic Congress over the artificial intelligence sector.
The market rise came after the 8.9% fall in Brent already recorded on 4 November. For Clayton Allison, a portfolio manager at Prime Capital Financial, confirmation of the election result reduced political uncertainty, although investors are now wondering what measures Washington will be able to adopt over the next two years.
