The Dow Jones Industrial Average jumped about 3% on Wednesday, its biggest gain of the year, CBS News reports. The rally came hours after midterm results showed Democrats had won control of the House and Senate, ABC News reports.

The Dow gained 1,570 points, ABC News says. That was its best day since April 9, 2025, when President Donald Trump paused a broad set of tariffs, the network reports. CBS News puts the gain at nearly 1,600 points.

The Nasdaq rose 1.4%, the two networks report. ABC News says the S&P 500 rose 1.5%. CBS News says it climbed 1.6% to close at 7,689.

“This looks like a perfectly normal election by historical standards,” Jim Reid of Deutsche Bank wrote in a client memo, ABC News reports. “Markets appear to have welcomed that normality.”

Not every stock rose. Companies tied to AI data centers slid as traders prepared for a slower buildout, CNBC reports. Defense stocks also fell, with Lockheed Martin down 6% at midday, CNBC says. Shares of renewable energy companies rose.

Trump Media & Technology fell sharply, CNBC and CBS News report. Tesla and SpaceX also dropped.

Analysts quoted by CBS News say the result may bring more gridlock. Gridlock has often been good for stocks because it limits big tax and spending bills, analysts say, according to CBS News.

Stocks have also tended to rise after midterms. The S&P 500 gained an average of 15.5% in the six months after the last 14 midterms, according to Edward Jones figures cited by CBS News.

Oil prices fell more than 7% on Wednesday, ABC News reports.

What we know: The Dow had its best day of the year as Democrats won the House and the Senate.
What we don't: Whether the gains will last, and how the new Congress will change policy.