U.S. stock futures are indicating gains when the market opens as race results get confirmed. Dow Futures rallied over 100 points before curbing some of those gains.
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Dow Jones futures were rising by 0.31 percent. The S&P 500 added 0.38 percent and the Nasdaq Composite was up 0.58 percent.
The Fox News Decision Desk projected the Democrats won back control of the House for the first time in eight years, a blow for President Trump who campaigned fiercely for his party heading into the midterms. Still, Republicans have maintained control of the Senate with the help of key races including Senator Ted Cruz who was re-elected in Texas defeating Beto O’Rourke. “Wall Street has already baked alot of this in” said Ed Rensi, former McDonald’s USA CEO during an appearance on FOX Business.
Equities appeared to get a light boost after tight races, such as the Florida, showed the Republicans leading and eventually winning early on. In the gubernatorial race, Republican Ron DeSantis defeated Democratic Tallahassee Mayor Andrew Gillum in a tight race. In the Senate race, Republican Rick Scott beat Democrat Bill Nelson. In the Tennessee Senate Race, Republican Marsha Blackburn defeated Democrat Phil Bredesen.
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Some investors were concerned the Democrats would sweep the Republicans in tight races, in a so called “blue wave”, yet early signs indicate the voting may not be a landslide. The Democrats, particularly those seen as potential Presidential contenders in 2020, saw victory. Senator Bernie Sanders of Vermont and Senator Elizabeth Warren of Massachusetts won their races. FOX Business has been covering the national and local economic and business issues impacting voters.
In Asian markets on Wednesday, China’s Shanghai composite ended the day lower by 0.7 percent, Hong Kong’s