Wall Street rose after Democrats won control of both chambers of Congress, with the S&P 500 up 1.7%, the Nasdaq up 1.8% and the Dow up 3.0%. Large technology stocks gained, while data center operators and chipmakers fell.
U.S. stocks rose on Wednesday as Democrats’ sweeping midterm victory eased political uncertainty and boosted risk appetite. The S&P 500 gained 1.72% to 7,698.86, the Nasdaq Composite rose 1.77% to 25,821.13 and the Dow Jones Industrial Average climbed 2.97% to 53,321.61.
Amazon.com jumped 7%, Alphabet gained 3.8% and Meta Platforms added 1.3%. Data center operators IREN and Hut 8 fell 12% and 24%, respectively, while the Philadelphia Semiconductor index dropped 3.6% to a six-month low. Investors weighed the possibility that a slower AI infrastructure buildout could pressure operators and suppliers.
Consumer discretionary stocks rose 5%, while energy stocks fell 5.1%. Solar and clean energy shares gained as investors bet a Democratic sweep would help keep federal support for clean energy development in place; the Invesco Solar ETF climbed 6.1%.
