Stocks rocketed higher on Wednesday as a decisive victory by Democrats in the U.S. mid-term elections — and President Donald Trump’s acceptance of the results — removed political uncertainty risk hanging over Wall Street.
The Dow Jones Industrial index sprang 1,570 points, or 3%, to conclude Wednesday at 53, 356.72. The 30-stock index moved back above 53,000 for the first time since Sept. 8 and was on pace for its best day since April 9, 2025, when Trump announced a pause on his so-called reciprocal tariffs.
The S&P 500 index flew 119.72 points, or 1.6%, to 7,688.55.
The tech-heavy NASDAQ jumped 364.50, or 1.4%, points, to 25,736.51.
Shares linked to the economy that could benefit from a more stable environment led the gains. Walmart added 4%, while Bank of America rose 3% as investors looked for stocks outside of technology.
Shares of CoreWeave decreased Wednesday, along with Elon Musk’s SpaceX, which is headquartered in Texas.
Democrats won majorities in both the House of Representatives and Senate, scoring victories in key gubernatorial races like Texas. The Democrats will now be a check on the policies of Trump, who’s enacted business-friendly tax cuts, while also pursuing tariffs and a war in Iran that’s boosted inflation.
Trump told the New York Times he was “absolutely willing” to accept the results and told the Wall Street Journal he and Republicans would work with Democrats.
Prices for the 10-year Treasury gained ground, lowering yields to 4.88% from Tuesday’s 4.96%. Treasury prices and yields move in opposite
directions.
Oil prices plummeted $7.42 to $88.67 U.S. a barrel.
Gold prices brightened $131.50 to $4,071.90 U.S. an ounce.
