Stocks Surge After GOP Loss

NEW YORK (AP) — U.S. stocks soared after President Donald Trump’s party lost its sole control of Washington in the midterm elections. Stocks generally do well in the months following any midterm U.S. election, regardless of who wins, and the S&P 500 jumped 1.6% Wednesday. The Dow Jones Industrial Average surged more than 1,500 points, and the Nasdaq composite rose 1.4%. Stocks of hospital owners and retailers focused on lower-income Americans helped lead the widespread rally. Investors meanwhile see risks for Trump’s social-media company, the AI industry and Elon Musk’s businesses. Oil prices tumbled, which helped Treasury yields ease in the bond market.