Stocks rally as Democrats win Congress; energy drops
SPY•U.S. stocks rallied Wednesday after Democrats won control of Congress, with the Dow up more than 3% and the S&P 500 and Nasdaq each gaining more than 1%. Consumer discretionary shares led sector gains, while energy stocks fell with oil prices.
1. Broad market gains
U.S. stocks rallied Wednesday after Democrats won control of Congress in Tuesday’s midterm elections. The Dow finished up more than 3%, while the S&P 500 and Nasdaq each rose more than 1%.
2. Sector moves
Consumer discretionary shares gained more than 4%, leading S&P 500 sectors, while energy shares fell with oil prices. Defense shares also declined; the iShares U.S. Aerospace & Defense ETF fell 1.5%.
3. Company shares diverge
Trump Media shares dropped more than 24%. Meta Platforms rose, while Applied Digital fell on fears of tighter AI regulation. Apple surged 5.3%, putting its market capitalization ahead of Nvidia’s again.
