NY stocks soar, over $1,500 higher due to end of midterm elections and low oil prices

[New York Current Affairs] The New York stock market rebounded sharply on the 4th, as political uncertainty eased with the landslide victory of the opposition Democratic Party in the U.S. midterm elections, and the plummeting oil prices were positive. The Dow Jones Industrial Average, which is made up of blue-chip stocks, closed at $53,356.12, up $1,569.40 (3.0%) from the previous day's closing price. The increase was the largest in about 1 year and 7 months since April last year.

A big victory that exceeds market expectations: Atsuhide Sakamoto, senior economist, Sumitomo Mitsui Banking Corporation - U.S. midterm elections, expert statement

The NASDAQ Composite Index, which focuses on high-tech stocks, rose 364.50 points to close at 25,736.51.

In the midterm elections, the Democratic Party regained a majority in both houses of Congress. With President Trump admitting defeat and showing a willingness to cooperate with the Democratic Party, fears of political turmoil have receded. Furthermore, since the Democratic Party won by a large margin, ``the risk of a radical left-wing voice becoming stronger within the party has decreased'' (Nikkei Securities), which gave a sense of security, and a wide range of stocks were bought.

On the 4th, Vice President Vance expressed his belief on social media that the reason for the Republican Party's defeat was the attack on Iran. As hopes for an end to the fighting rise, crude oil futures prices on the New York Mercantile Exchange (NYMEX) continue to fall. US standard oil WTI closed at $88.12 per barrel, down $7.97 (8.3%) from the previous day.