Posted at 12:14 p.m., Wednesday, November 8, 2006
Wall Street higher after Democratic congressional wins
Associated Press
NEW YORK — Wall Street ended higher today, with the Dow Jones industrials setting another record close, as investors grew more confident that a huge victory by Democrats in congressional elections would result in gridlock and keep lawmakers out of the way of business interests.The market had largely expected Democrats to gain control of the House of Representatives, but an undecided Senate race in Virginia had earlier unnerved investors who dislike such uncertainty. Stocks showed gains after the resignation of Defense Secretary Donald H. Rumsfeld.
"I would think over the next several weeks that investors should return their focus to the likelihood for interest rate moves in the decelerating economic climate, the moderating earnings growth and the weakening housing market," said Elizabeth Weymouth, global investment specialist at JPMorgan Private Bank.
According to preliminary calculations, the rose 19.77, or 0.16 percent, to 12,176.54. The Dow closed above the record of 12,167.02 set on Oct. 26 and came within a few points of a record trading high of 12,196.32 reached Tuesday.
Broader stock indicators also advanced. The Standard & Poor's 500 index was up 2.88, or 0.21 percent, at 1,385.72, and the Nasdaq composite index rose 9.06, or 0.38 percent, to 2,384.94.
