Photo: David Vives / Unsplash (archive photo)
Wall Street roared Wednesday as the midterm elections settled the balance of power in Washington, with the Dow Jones Industrial Average up more than 1,500 points, over 3%, in afternoon trading, according to CNBC’s live market data.
As of 3:16 p.m. Eastern, the Dow was up 1,588 points, or 3.1%, at 53,375. The S&P 500 climbed 130 points, or 1.7%, to 7,699, and the Nasdaq Composite gained 436 points, or 1.7%, to 25,808.
Big Tech led the surge. Apple, Amazon, Google, Meta and Microsoft all jumped after the Democratic sweep removed months of investor uncertainty, CNBC reported, while stocks tied to Trump adviser Elon Musk and data-center operators fell. In an earlier midday snapshot, Reuters calculated that five Big Tech stocks were on course to add more than $750 billion in market value if the gains hold, with Amazon up 7.4% and Apple up nearly 7%.
For anyone with a 401(k) or an index fund, Wednesday’s rally recovers a meaningful share of October’s slide in a single session. Even with the jump, the S&P 500 remains below its October 6 record close of 7,844.
Not everything joined the rally: oil prices plunged nearly 8% and data-center-linked stocks slipped after voters rebuffed data-center ballot measures in Tuesday’s voting.
JBizNews Desk | New York
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