Investors apparently like the results of the midterm elections as shares rose 1,500 points as of noon central time Wednesday on the Dow, according to a report by the Associated Press.
The 2.9% rise on the Dow Jones exchange was coupled with a 1.8% rise on the S&P 500 and a 2.1% jump on the Nasdaq composite.
The Democratic Party’s electoral success — gaining majorities in both houses of Congress — was one factor, but another reason for investor confidence could be the drop in Brent crude oil prices.
The price of Brent crude, the international standard, fell below $95 per barrel. It was the first time the price dropped below $100 in over a month.
Both President Donald Trump and Vice President JD Vance acknowledged the war with Iran, which has caused a prolonged spike in oil and gasoline prices, was a primary factor in the Republicans’ midterm losses.
