Stock markets surging after U.S. midterm election as oil prices plummet
Global News · Stan Choe, David Mchugh and Elaine Lai ·
North American stocks are soaring Wednesday after U.S. President Donald Trump’s party lost its sole control of Washington in the midterm elections.
North American stocks are soaring Wednesday after U.S. President Donald Trump’s party lost its sole control of Washington in the midterm elections.
U.S. stocks generally do well in the months following any midterm U.S. election, regardless of who wins, and the S&P 500 jumped 1.7 per cent toward its best day since April. The Dow Jones Industrial Average was up 1,600 points, or more than three per cent, with about half an hour remaining in trading, and the Nasdaq composite was 1.7 per cent higher.
Stocks of hospital owners and dollar stores serving low-income Americans helped lead the widespread rally following the nationwide losses for Republicans. Investors, meanwhile, see risks ahead for Trump’s social-media company, the artificial-intelligence industry and businesses owned by Elon Musk, who donated heavily to Republicans.
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