Wall Street rose after Democrats won control of both chambers of Congress, while data center operators and chipmakers fell on concerns about a slower AI infrastructure buildout. The S&P 500 gained 1.6%, the Nasdaq Composite rose 1.4% and the Dow advanced 3%.
Wall Street closed sharply higher after Democrats won control of both the Senate and House of Representatives, easing political uncertainty and boosting risk appetite. The S&P 500 rose 1.6% to 7,688.62, the Nasdaq Composite gained 1.4% to 25,736.51 and the Dow Jones Industrial Average advanced 3% to 53,356.12.
Microsoft rose 6.7%, Amazon.com gained 6.1%, Alphabet added 3.2% and Meta Platforms rose 1.4%. Data center operators fell, with Hut 8 down 23%, IREN off 11%, Core Scientific down 10% and Applied Digital lower by 6.7%; the Philadelphia SE Semiconductor index dropped 3.1%.
Oil prices tumbled, lifting sentiment, while energy stocks fell 4.8%. Consumer discretionary shares rose 4.3%, and the Invesco Solar ETF climbed nearly 6% as investors bet a Democratic sweep would help preserve federal support for clean energy development.
