US midterms result lifts global markets

World stocks rose yesterday, with Wall Street surging after the US midterm election divided control of Congress, but the outcome, which casts doubt on further US tax cuts, hit the dollar and sent Treasury yields lower. (stock picture)

US midterms result lifts global markets

Independent.ie

World stocks rose yesterday, with Wall Street surging after the US midterm election divided control of Congress, but the outcome, which casts doubt on further US tax cuts, hit the dollar and sent Treasury yields lower.

https://www.independent.ie/business/world/us-midterms-result-lifts-global-markets-37503771.html

https://www.independent.ie/business/world/article37504471.ece/38136/AUTOCROP/h342/stocks123

World stocks rose yesterday, with Wall Street surging after the US midterm election divided control of Congress, but the outcome, which casts doubt on further US tax cuts, hit the dollar and sent Treasury yields lower.

The Democrats looked to be headed for a gain of more than 30 seats in the House of Representatives, well beyond the 23 they needed to claim their first majority in eight years. With President Donald Trump’s Republican party holding onto its Senate majority, the results from Tuesday’s election were in line with expectations.

While gridlock in Washington could hamper Mr Trump’s political and economic agenda, few expect a reversal of tax cuts and financial deregulation measures that have already been enacted.

That view helped all three Wall Street equity indices open stronger. The Dow Jones Industrial Average rose 213.04 points, or 0.83pc, to 25,848.05, the S&P 500 gained 27.55 points, or 1pc, to 2,783 and the Nasdaq Composite added 84.49 points, or 1.15pc, to 7,460.45.

“The good news in a way for markets is that there was an uncertainty that’s now been removed. We know where we stand for the next two years, and investors will focus back on the fundamentals, which

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