US shares rose sharply on Wednesday after President Donald Trump's Republicans lost control of Congress in the midterm elections, PBS NewsHour reports, citing the Associated Press. In afternoon trading the Dow Jones Industrial Average was up by about 1,500 points, or 2.9 per cent, while the S&P 500 gained 1.8 per cent and the Nasdaq 1.9 per cent.
Solar power firms, discount retailers and hospital operators were among the biggest gainers, while investors saw greater risks for Trump's social media company, the AI industry and businesses owned by Elon Musk, a major Republican donor. The price of Brent crude fell below $100 a barrel for the first time in almost a month. Strategists noted that investors often favour divided government because it reduces the chance of sweeping economic change.
Source: PBS NewsHour