Dow Surges 1,000 Points as Democrats Take Control of Congress
The Dow jumped 1,022 points at the opening bell and extended its gains in morning trading as investors weighed the election results and divided government.
The Dow Jones Industrial Average surged more than 1,000 points just after Wednesday's opening bell as investors reacted to Democrats winning control of both chambers of Congress and President Donald Trump saying he would accept the midterm election results.
The blue-chip index jumped 1,022 points, or 2%, in the opening move reported by CNBC. The S&P 500 and Nasdaq Composite each added 1.3% at the start of trading.
The rally strengthened during the morning. In CNBC's market report updated at 9:56AM Eastern, the Dow was trading 1,236 points, or 2.4%, higher. The S&P 500 had gained 1.7%, while the Nasdaq Composite was up 2.1%. These are intraday readings, not closing results, and can change throughout the session.
Investors were weighing the prospect of divided government, with Democratic majorities set to check the Republican administration's policies. Trump's initial willingness to accept the election results also eased some of the political uncertainty surrounding the vote.
The gains followed a strong premarket move, when Dow futures had risen more than 900 points. The opening rally extended that advance as regular trading began.
The election also left investors assessing what new Democratic majorities could mean for taxes, health care, energy and data center development. Company news, economic reports and further reaction to the results can all shift prices before the closing bell.