US stock markets rose significantly on Wednesday. By the close of trading in New York, the Dow Jones was calculated at 53,356 points, representing a 3.0 percent increase compared to the previous day. Shortly before that, the broader S&P 500 had risen 1.6 percent, reaching approximately 7,689 points, while the technology-focused Nasdaq 100 was up 0.9 percent at roughly 28,437 points.
Traditionally, US markets tend to celebrate Republican election victories because investors anticipate economic relief, such as tax reductions. However, following the US midterms on Tuesday, the reaction to the Republican defeat and the subsequent formation of Democratic majorities in both legislative chambers proved exceptionally positive. Given Trump’s ongoing trade disputes and the economic ramifications of his war against Iran, markets are now hopeful that the Democrats will serve as a critical counterbalance within the system of checks and balances.
Meanwhile, the European common currency strengthened on Wednesday evening. The Euro traded at $1.1229, meaning the dollar was valued at €0.8906.
Gold prices experienced strong appreciation, with a fine ounce fetching $4,064 in the evening, marking a 3.4 percent gain. This price equates to €116.37 per gram. Conversely, the price of oil dropped; a barrel of Brent North Sea crude cost $95.11 late Monday evening (around 10 PM German time), an 8.2 percent decline from the close of the preceding trading session.
