U.S. stocks rose sharply on Nov. 4 after Democrats were projected to control both chambers of Congress, while Brent crude and some technology stocks fell.
The Dow Jones Industrial Average added 1,569.40 points, or 3%, to close at 53,356.12. The S&P 500 gained 119.70 points, or 1.6%, to 7,688.62, while the Nasdaq Composite rose 364.50 points, or 1.4%, to 25,736.51, the Associated Press reported. Yahoo Finance historical records showed the same closing levels. EconoTimes previously covered the Dow’s post-election rise.
Democrats were projected to control the House and Senate after the Nov. 3 midterm elections, though the AP said some races remained uncalled Wednesday afternoon. CBS News said shares had climbed earlier as election counts in competitive states pointed to Democratic gains. Midterms determine control of Congress; all 435 House seats and roughly one-third of Senate seats are contested every two years, according to USAGov.
The gains were uneven across sectors. HCA Healthcare rose 10.3% and Dollar Tree advanced 9.6%, while Nvidia fell 3.2% and CoreWeave dropped 9.9%, the AP reported. Defense contractors also declined. The AP linked gains in health care and discount retail to expectations around health care and cost-of-living policy, while reporting declines in AI and defense shares amid expectations of possible policy shifts.
Brent crude fell 8.7% to $94.62 a barrel. The AP said investors were weighing whether a Democratic-led Congress could press President Donald Trump to scale back the war with Iran.
In a Charles Schwab market update, Michael Townsend, managing director of legislative and regulatory affairs, said markets “generally don’t like uncertainty.” The AP also described a recurring post-midterm pattern: U.S. shares have advanced in the following months under either party. Strategists cited by the AP said company profits and interest rates matter more to stocks over the long term than control of Washington.
The incoming Congress is scheduled to convene in January.
