About 15 minutes into trading, the Dow Jones Industrial Average was up 1.6 per cent at 28,295.42. — Reuters pic
Analysts say the rally seems to be built on expectations for more benign regulatory and tax policy following Tuesday’s elections, with divided government expected to continue in Washington.The broad-based S&P 500 gained 1.8 per cent to 3,506.94, while the tech-rich Nasdaq Composite Index jumped 2.2 per cent to 11,843.00.
But analysts expect the Republicans to maintain control of the Senate, although again the final results depends on a couple of outstanding contests, including one that will not be decided until January. Meanwhile, economic data released today showed new applications for unemployment benefits last week held essentially steady at 751,000, rather than declining as expected.