US midterm results shake up Wall Street: Why some stocks surged while others tumbled
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Wall Street staged a sharp rally on Wednesday after Democrats won control of both chambers of the US Congress.
- ✓The S&P 500 rose 1.6 per cent as investors welcomed a clear election outcome.
- ✓While tech giants like Microsoft and Amazon climbed, chipmakers and defence companies got pressure from the results.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Firstpost
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
Wall Street staged a sharp rally after Democrats won control of both chambers of the US Congress in the midterm elections. But the gains were far from uniform. While shares of technology giants such as Microsoft, Amazon and Alphabet climbed, data centre operators, chipmakers and defence companies came under pressure as investors reassessed what the political shift could mean for corporate spending, regulation and government policy.
The S&P 500 rose 1.6 per cent to close at 7,688.62 on Wednesday marking its biggest daily gain in nearly three months. The Dow Jones Industrial Average jumped 1,569 points, or 3 per cent, to 53,356.12, while the Nasdaq Composite gained 1.4 per cent to 25,736.51.
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Firstpost
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