US: Stocks surge after Republican election victory

[NEW YORK] Wall Street opened with solid gains and the Dow hit a new record on Wednesday after Republicans trounced Democrats in midterm elections and locked up control of both houses of Congress.

While that could turn the government toward what business and industry perceive as more supportive policies, the Democrats' continued hold on the White House "could end up mitigating some of the reported enthusiasm for the election result," said Patrick O'Hare of Briefing.com.

Five minutes into trade, the Dow Jones Industrial Average was up 94.43 points (0.54 per cent) at 17,478.27.

The broad-based S&P 500 gained 11.35 (0.56 per cent) at 2,023.45, while the tech-rich Nasdaq Composite Index rose 22.35 (0.48 per cent) to 4,645.98.

AFP