Solid surge in US stocks as investors eye political developments

The US stocks stocks surged Wednesday following the resolution of US midterm elections while oil prices stumbled on expectations the Democratic sweep could hasten a resolution to the US-Iran war. Democrats seized control of both houses of Congress and triggered a hefty slide in crude oil prices. WTI Crude Oil futures to a near one-month low after a near nine percent fall in last session. Supportive labour market data also boosted the US stocks. All three major indices ended solidly higher, with the Dow surging 3%, or more than 1,500 points at 53,356.12. The S&P 500 index zoomed 1.6% while the Nasdaq Composite gained 1.4%.

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