Dow Jumps 1,500 Points, Oil Slides After Democrats Sweep Congress -- WSJ

By Alexander Osipovich and Joe Stonor

U.S. stocks are surging and oil prices falling as investors react to a blue wave that puts Democrats in control of both chambers of Congress.

The Dow jumped about 1,500 points, or 3%; the Nasdaq traded nearly 2% higher as stocks recovered from an off-hours slide when election results started rolling in. Oil prices fell after Vice President JD Vance blamed Republican losses on the U.S.-Iran war, heightening hopes for a peace deal.

The sharp market moves followed comments by President Trump that he would accept the election results and that he looked forward to working with Democrats.

A divided government suggests there will be little change in major economic policy areas such as AI regulation, since Democrats will have trouble passing legislation over a veto by Trump, analysts pointed out.

Republican defeats at the state level-including in Texas and Ohio's gubernatorial races-could imperil plans to build data centers. But major data center incumbents like Amazon and Microsoft rallied on the belief that any new road-blocks to AI development could preserve their advantage.

U.S. Treasury yields fell, while the dollar is falling against the euro, Japanese yen and other currencies.

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(END) Dow Jones Newswires

November 04, 2026 14:03 ET (19:03 GMT)