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>> It's the split verdict Wall Street was betting on.>>
>> Stocks surged Wednesday.>> It's been a great day for the American people.>> With the midterm elections handing control of the House to the Democrats, while the Republicans remain in leadership of the Senate. The DOW jumped more than 500 points, the relief rally crossing the waters, sending stocks across Europe higher as well.
Tech stocks were a strong performer, leading to a hefty gain for the NASDAQ. Reuters market correspondent, Lewis Krauskopf.>> Now that we have that result, and it was what investors were preparing for. And now they have some certainty, they're maybe feeling a little bit more comfortable, buying back some of those shares or getting into those stocks.
I will say that there is some caution on the part of investors that, with the Democrats now in control of the House that we're gonna see more oversight for some of these tech companies whether it's about cybersecurity or data privacy concerns. And because of that we could see some pressure on these stocks down the line.
>> Much of Wednesday's gains coming as many on Wall Street see less of a chance the Democrats will rollback corporate tax cuts and de-regulations that have fueled double digit profit growth this year, and have contributed to the stock market surge since President Trump came to power. Investors also snapped up shares of medical related stocks, Wall Street believing the election results are likely to limit Republican efforts to reduce access to health care.
Another factor in the rally, optimism the two sides can come up with an infrastructure package that would both drive profits and add further fuel to the economy. Stock investors keeping one eye on the market upswing and the other on the Federal Reserve. Policy makers will wrap up a two day meeting on Thursday.
A rate hike is not expected until December.