“U.S. stocks rose broadly on Wednesday after the midterm election results came in about as expected, lifting a cloud of uncertainty that was weighing on the market,” Fred Imbert and Michael Sheetz report for CNBC. “The major averages hit their session highs after President Donald Trump indicated he is willing to work with Democrats on policy initiatives that would help the economy keep growing.”
“The Dow Jones Industrial Average rose 514 points,” Imbert and Michael Sheetz report. “The S&P 500 gained 2 percent as the health care, tech and consumer discretionary sectors all rallied more than 2.5 percent. The Nasdaq Composite rose 2.4 percent.”
“‘Hopefully we can all work together next year to continue delivering for the American people, including on economic growth, infrastructure, trade, lowering the cost of prescription drugs,’ Trump said in a news conference. ‘The Democrats will come to us with a plan for infrastructure, a plan for healthcare, a plan for whatever they’re looking at and we’ll negotiate,’” Imbert and Michael Sheetz report. “Tech shares rose, as a divided Congress could also keep Trump from seriously going after giants like Amazon for being too big and influential on the economy… But trade remains one area where Trump still has most control as tariffs are on foreign goods are implemented through the executive branch.”
Read more in the full article here.
MacDailyNews Note: Apple has had a good day so far, up over 2.5% and within $7 billion of regaining a $1 trillion market value.
Wall Street set to rise as investors take split Congress in stride – November 7, 2018