U.S. stocks rose on news of the Republicans winning the Senate at the opening, with the Dow approaching its all-time high of 17, 481 early on the day on Wednesday. The perception that the Republicans are pro-business and 70% of voters reporting they were unhappy with the economy might have led to the increased confidence that sent stocks rising, according to TheStreet.com. Although job numbers were robust in October, many see wages as stagnant and are critical of Obamacare.
The Dow was up 0.54% by Wednesday afternoon, the S&P 500 rose 0.5% and the Nasdaq was up 0.15%. Although many are bullish, Raymond James analyst Jeffrey Saut thinks what could really affect the stocks are more long term factors; “much of it will be predicated on how far President Obama is willing to go to cooperate with the new conservative majority.”
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Although high oil inventories domestically and fears the Saudis are flooding the U.S. with cheap oil brought oil prices down 2% on Monday, the price of West Texas Intermediate spiked 1.7% Wednesday.