Markets soar after midterm election results signal gridlock — something businesses won't mind
WASHINGTON - Major U.S. stock indexes soared Wednesday, with the Dow Jones industrial average gaining nearly 550 points, after the uncertainty of contentious midterm elections ended with the most widely expected result: a Democratic takeover of the House and Republicans retaining the Senate majority
The Dow's gain of 545.29 points, or 2.1 percent, to 26,180.30 was broadly based, with healthcare stocks performing especially well as the threat of an Obamacare repeal became less likely. The Standard & Poor's 500 index had a similar percentage jump while the technology-heavy Nasdaq composite was up about 2.6 percent.
"Mostly it's a big sigh of relief in that the midterm elections are behind us and a surprise didn't happen," said Michael Arone, chief investment strategist at asset manager State Street Global Advisors, who called the gains a "relief rally."
A divided Congress likely means gridlock in
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