The Dow soars more than 1,500 points and oil prices drop 8.7% the day after Republicans lose Congress
The first full trading day after Americans voted out the Republican majority, the numbers moved fast.
The Dow Jones Industrial Average jumped more than 1,500 points on Wednesday. At the same time, crude oil prices fell 8.7% after Republicans lost control of Congress in the midterms
The oil number is the one that matters most for families. The war in Iran sent fuel prices soaring, and gas prices hit a record high on the eve of the election. Voters told pollsters again and again that inflation, tariffs and the cost of living were driving their decision. Now crude is falling sharply, the first real relief since the war began.
Even JD Vance acknowledged the cause. The vice president said everyone knows why Republicans lost, pointing to the cost and fallout of the Iran war. Trump himself said the war and gas prices were partly to blame.
Divided government also puts guardrails on the policies that shook the economy for two years. With Democrats controlling both the House and the Senate, there is now a check on the tariffs and the war.
Elon Musk’s companies moved the other way. Tesla and SpaceX shares slumped on Wednesday, even as the broader market took off.
Democrats ran on prices and the cost of living. The morning after they won, the numbers moved in the right direction.