US stocks jumped after the opening bell on Wednesday, November 4 as investors a hailed victory of Democrats in the US midterm elections and President Donald Trump's response to the poll results. Dow Jones Industrial Average advanced 1,166.6 points, or 2.25%, to 52,953.38, S&P 500 rose 134 points, or 1.78%, to 7,703.67, while the Nasdaq Composite surged 602 points, or 2.37%, to 25,974.41.
Here's are three reasons driving the Wall Street today -
Trump's assurance
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US stocks soared as investors assessed Trump's reaction to the Democratic victory in midterm polls. During an interview with The Wall Street Journal, the US president said, "I think we'll work with the Democrats, and we'll get along very well with them." Trump's response possibly eased concerns of investors over a divided government could result in a fresh round of political uncertainty, adding to delays around economic and business policies.
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Market Is Favouring Gridlock
The possibility of a divided government is expected to limit the ability of either party to make major policy changes. According to Andrew Slimmon of Morgan Stanley Investment Management, investors typically prefer a political balance in Washington instead of excessive power being concentrated in one party. "The markets like gridlock, they don't like a party with too much power," Slimmon said.
Treasury Yields Decline
US government bond yields slipped as investors weighed on the chanced of slower government decisions and higher political uncertainty. The benchmark 10-year Treasury yield fell to around 4.92%, likely giving a push to US equities.
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