Midterm Aftermath: Trump Brags About Market Gains

The Dow Jones Industrial Average surged 1,519 points on Wednesday afternoon, representing a 2.9% gain. The Nasdaq composite rose 1.9% during the same session. President Donald Trump posted about the market performance on Truth Social shortly after the trading session began.

“Stock Market just hit another Record High, 91 Days in just a short period of time, Less than two years. Your 401(k)s are through the roof. Record Setting All! President DONALD J. TRUMP,” the president wrote. He highlighted the record highs and the impact on retirement accounts in the post.

The rally occurred one day after the midterm elections, in which the Republican Party lost sole control of Washington. Democrats appear set to take command of both the Senate and the House of Representatives. Several GOP states and government positions flipped to the Democratic Party during the vote. Analysts note that stocks often perform well in the months following any U.S. midterm election, regardless of the winner.

Wall Street may have favored a split government, a scenario where the president retains executive authority over defense, foreign policy, and trade while Democrats hold legislative power. Trump told Fox News he would collaborate with the new majority in Congress. “Congratulations to the Democrats,” he said. “I think the Democrats did a good job. They fought hard. They’ve been fighting me for a long time. This fight’s been going on for ages.”

When asked specifically about cooperation, Trump added, “I would do that. I think the Democrats want to work with me.” The market movement stands out against a backdrop of harsh results for the Republican Party, with the shift in control creating a new dynamic for legislative negotiations.