Dow Closes Up Over 3% as Wall Street Rallies on Democratic Sweep
The Dow rose more than 1,575 points in preliminary closing figures as election clarity and a sharp drop in oil prices lifted stocks.
Wall Street closed sharply higher Wednesday after Democrats won control of both chambers of Congress, easing political uncertainty and lifting investor appetite for stocks.
According to preliminary closing figures, the Dow Jones Industrial Average rose 1,575.38 points, or 3.04%, to 53,362.57. The S&P 500 gained 119.81 points, or 1.58%, to 7,688.73, while the Nasdaq Composite added 366.26 points, or 1.44%, to 25,736.51.
A sharp decline in oil prices also helped the broader market. Investors bet that the change in congressional control could increase pressure for an end to the Iran war, while the prospect of divided government reduced some uncertainty about Washington's policy direction.
The rally did not lift every part of the technology sector. Amazon, Meta Platforms and Alphabet rose, while data-center companies fell on concerns that tighter regulation and local opposition could slow the expansion of AI infrastructure.
Shares of IREN and Hut 8 dropped sharply, with Applied Digital and Core Scientific also falling. Investors weighed whether a slower buildout could ease spending demands on larger technology companies while putting pressure on the operators and suppliers that depend on rapid expansion.
The closing index figures are preliminary and may be revised.