Dow Jones up as Republicans contend for House, Senate – New York Daily News

The Dow Jones soared Tuesday as votes were being cast for the midterm elections.
Tuesday saw the Dow up 522 points at one point, hours before the polls close. By 2 p.m., the gain was less steep, with the Dow only up by around 230 points. Experts believe Republicans are poised to regain the House of Representatives and say the Senate is within reach for the party, too, according to CNBC.
Polls show the U.S. Senate race could go either way. If Congress ends up divided, the likelihood of new taxes or government spending drops, experts say.
“If we have a gridlock, that will probably be the best thing that could happen for the market,” Seth Cohan, a financial advisor for The Wealth Alliance, told CNBC. “The markets usually do very well when that happens.”
The New York Stock exchange in Jan. 2022. (Mary Altaffer/AP)
It’s unclear when Americans will know who won the tightly-contested Senate. Tuesday marked the third day in a row that the Dow Jones is up.
“The financial market reaction to a Republican win should be muted, as the House outcome is already widely expected, and the Senate outcome makes less of a difference to policy outcomes if Republicans control the House,” Jan Hatzius, the chief economist for Goldman Sachs, wrote Tuesday for CNBC.
“A surprise Democratic win in the House and Senate would likely weigh on equities, as market participants might expect additional corporate tax increases.”
Copyright © 2022, New York Daily News
Copyright © 2022, New York Daily News

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