Wall Street stocks were looking at a potentially upbeat start on Wednesday, as U.S. stock futures climbed in the wake of midterm elections that pulled no major punches, and the dollar fell.
How are the benchmarks performing?
Dow Jones Industrial Average futures YMZ8, +0.76% rose 201 points, or 0.8%, to 25,838, while S&P 500 futures ESZ8, +0.92% gained 26 points, or 0.9%, to 2,784.75. Nasdaq-100 NQZ8, +1.29% jumped 90.25 points, or 1.3%, to 7,105. DJIA, +0.68%
On Tuesday, the Dow Jones Industrial Average DJIA, +0.68% rose 173.31 points, or 0.68%, to 25,635.01, the S&P 500 index SPX, +0.63% rose 0.63%, and the Nasdaq Composite Index COMP, +0.64% climbed 0.64%, or 47.11 points, at 7,375.96.
The Dow closed at a session high, while the S&P 500 and Nasdaq ended the day just shy of Tuesday’s best levels.
What’s driving the market?
U.S. midterm election results largely fell in line with forecasters’ prediction, with Democrats set to take control of the House and Republicans maintaining their grip on the Senate. The results may have implications for President Donald Trump’s legislative agenda, but for now, markets look upbeat as any immediate uncertainty fades.
There have also been signals of compromise from Trump, who talked about trying to work with the opposite side as indications grew earlier in the week that Democrats would see a House victory.
Investors may quickly turn their attention to a two-day Federal Reserve meeting that wraps up on Thursday, though the central bank isn’t expected to make a move on interest rates.
What are strategists saying?
“At the margin, the outcome of the Midterm elections in the U.S. will be to hinder further fiscal easing, increasing the likelihood