On Wednesday, major stocks closed higher after results of the midterm elections came out as expected. The major indexes hit their higher after the U.S. President Donald Trump made a statement that he is ready to work on policy initiatives with Democrats that would help the economic growth.
The Dow Jones Industrial Average moved 545 points up after gains in Apple and UnitedHealth. The S&P 500 rose 2.1 percent due to the growth of sectors like tech, consumer discretionary, and healthcare by over 2.8 percent. Also, the Nasdaq Composite gained 2.6 percent.
Wednesday’s rally after the midterm elections was higher than average gains as Goldman Sachs reported that the S&P 500 gained 0.7 percent on an average before and after the midterm elections. It marked the major post-midterms growth for both the S&P 500 and Dow Jones since the 1982 elections, when these indexes rallied 3.9 percent and 4.3 percent, respectively.
Stocks like Caterpillar, Amazon, Alphabet, and Goldman Sachs all climbed up. United Rentals and Vulcan Materials jumped after the president talked about working on infrastructure with Democrats. Both stocks gained 0.9 percent and 4.5 percent, respectively.
Asia stocks were also higher after midterm election results came out as expected. Hong Kong’s Hang Seng index gained 0.96 percent while the Shenzhen composite climbed 0.6 percent. The Shanghai Composite advanced 0.61 percent.
The Nikkei 225 of Japan gained 1.96 percent and the Topix index rose 1.87 percent up. The Kospi of South Korea jumped 1.35 percent. Over in Australia, the ASX 200 advanced by 0.43 percent as energy sectors increased 0.62 percent.
The U.S. dollar index traded at 96.198, which marks the greenback against major currencies. The Japanese yen traded at 113.69 against the U.S. dollar and the Australian dollar was at $0.7279 after following some gains from $0.722.