U.S. stocks rise after Democrats win both chambers

U.S. stocks rose on Wednesday after Democrats won control of both the House and Senate in the midterm elections, with the Dow Jones Industrial Average gaining about 1,000 to 1,200 points in reported trading snapshots. The S&P 500 and Nasdaq also advanced, extending a rebound from overnight declines in futures as investors assessed the election result and its implications for Washington policy. The gains varied by the time of observation. At the opening bell, reports put the Dow up about 1,150 points and the Nasdaq and S&P 500 higher. Later accounts showed the Dow more than 1,200 points ahead, while other reported snapshots put its rise near 1,000 points. These were intraday levels, not a single confirmed closing figure. The midterm vote took place November 3, and results gave Democrats control of both chambers. Analysts attributed some of the rally to the removal of election uncertainty and expectations that divided government would constrain major policy changes. Jay Woods, chief market strategist at Freedom Capital Markets, said the president’s response to the result contributed to the rebound and that gridlock has historically been supportive of markets. Such explanations...