Wall Street Surges 3% and Gold Tops $4,000 as Democrats Sweep US Midterms
Written by AI from benzinga.com's report. Not checked by a person.
US stocks posted their biggest single-day gain in 19 months and gold surged past $4,000 an ounce after the Democratic Party won control of both chambers of Congress in Tuesday's midterm elections.
US equity markets rallied sharply on November 5, 2026 after Democrats swept both the House and Senate in the midterm elections, delivering a result investors interpreted as reducing near-term policy uncertainty. The Dow Jones Industrial Average gained approximately 1,515 points, or around 2.9–3%, to close near 53,300 — its largest one-day advance since April 2025. The S&P 500 rose 1.58% and the Nasdaq gained 1.44%. Gold surged 3.3% to around $4,070 an ounce, breaking back above the $4,000 threshold, as analysts cited investor concern about the fiscal outlook under a unified Democratic Congress. Silver jumped 4.9% to $52.20. Bond markets also rallied, with the 10-year Treasury yield falling 6 basis points to 4.90%. The VIX fear index dropped more than 20% to 16.61. Meanwhile oil tumbled sharply — West Texas Intermediate fell roughly 7% and Brent crude sank about 8.5% — on market bets that a Democratic-controlled Congress would push for a diplomatic resolution to the ongoing Iran conflict. Asian markets were mixed in response, with Australia's ASX 200 surging 2.7% while South Korea's KOSPI fell sharply on AI-regulation fears.
