Media stocks rose broadly in midday trading after Democrats’ decisive midterm victories in both houses of Congress. Comcast and Disney shares were each up 5%, while Netflix and Skydance gained 4% apiece. Broadcasters, cable companies and theater chains also traded higher, according to the report.
The rally extended across much of the market. The Dow Jones Industrial Average climbed 1,500 points, or 2.9%, while the Nasdaq, S&P 500 and Russell 3000 were each up about 2%. Microsoft gained 6% to a record, and Apple reached an all-time high, pushing its market value above $5 trillion. Amazon rose 7%, Snap gained 6%, and Spotify and Alphabet were up 4%; Meta advanced 3%.
Not every stock joined the gains. SpaceX and Tesla were down 3% and 2%, respectively, while Nvidia fell 2%. The report said concerns about whether new lawmakers might act against energy-intensive data centers weighed on the chipmaker.
Trading had turned positive after stock futures fell as election results began coming in on Tuesday evening. The article attributed the subsequent rebound in part to reduced uncertainty over the outcome and President Trump’s willingness to accept the results, which he has said he would do. It also noted that lower U.S. crude prices helped accelerate the rally: oil fell more than 8% after Vice President JD Vance blamed the Iran war, which had raised fuel prices and inflation, for Republican losses.
Sources: Deadline.