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LIVE MARKETS-Stocks rally as Democrats win Congress; energy drops

By Reuters News

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com.

STOCKS RALLY AS DEMOCRATS WIN CONGRESS; ENERGY DROPS

US stocks rallied on Wednesday, with the Dow .DJI finishing more than 3% higher as Democrats won control of Congress in Tuesday's midterm elections. Energy shares dropped and consumer discretionary shares gained.

Energy .SPNY shares fell with oil prices. The Democratic Party's win is seen by some analysts partly as a backlash against Republican President Donald Trump and the US war against Iran.

The war has driven up energy prices and fueled concerns about inflation and higher interest rates. Consumer discretionary .SPLRCD gained more than 4% and led gains among S&P 500 .SPX sectors.

Defense shares also fell. The iShares US aerospace and defense exchange-traded fund was down 1.5%.

Shares of Trump Media DJT.O dropped more than 24%.

Top AI players such as Meta Platforms META.O rose on Wednesday, while shares of data center builders and operators, including Applied Digital APLD.O, fell on fears of tighter AI regulation.

Also, Apple's AAPL.O stock surged 5.3%, leaving its market cap once again ahead of Nvidia's NVDA.O.

Here is the closing market snapshot:

(Caroline Valetkevitch)

EARLIER LIVE MARKETS POSTS:

APPLE SURPASSES NVIDIA IN MARKET CAP TO TAKE LEAD CLICK HERE

DOES DEMOCRAT ROUT MEAN PEACE COULD BREAK OUT? CLICK HERE

POST-VOTE DATA DUMP: ADP, TRADE, SERVICES PMI, MORTGAGES CLICK HERE

TECH UP POST ELECTION; DEFENSE SHARES, ENERGY DOWN CLICK HERE

US STOCK INDEX FUTURES RISE AFTER DEMOCRATS WIN BOTH HOUSE, SENATE CLICK HERE

THE EUROPEAN STOCK MARKET ISN'T THE ECONOMY CLICK HERE

AI JITTERS? HISTORY POINTS TO MORE BUMPS AHEAD CLICK HERE

SHIFTS IN POST-ELECTION US STOCK-BOND CORRELATIONS CLICK HERE

BANKS LEAD EUROPE HIGHER CLICK HERE

BEFORE THE BELL: EUROPE MEETS MIDTERMS WITH A SHRUG CLICK HERE

MORNING BID: MARKETS FRET BLUE WAVE WILL DROWN DATA CENTRES CLICK HERE


early snapshot https://fingfx.thomsonreuters.com/gfx/mkt/lgvdbyogbvo/Pasted%20image%201793806988360.png

ADP vs the Labor Department https://www.reuters.com/graphics/USA-STOCKS/znvngrxoxpl/adp.png

Trade balance https://www.reuters.com/graphics/USA-STOCKS/zdpxezxwnvx/tbal.png

ISM services PMI https://www.reuters.com/graphics/USA-STOCKS/mopargqzjva/ism.png

Mortgage rates and demand https://www.reuters.com/graphics/USA-STOCKS/egpbgdoexvq/mba.png

Closing snapshot https://fingfx.thomsonreuters.com/gfx/mkt/gdpzgokbrvw/Pasted%20image%201793827843755.png

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