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CNBC business news update. I'm Jessica Edinger. Wall Street opens Thursday morning after the best day for the Dow since April 2025. A post-midterm election rally for stocks. Democrats took full control of the House of Representatives and the Senate. The Dow finished up, 1569 points, more than 3% higher.
3M shares led the way. They were up 9 and a half%. Microsoft up almost 7%. The S&P 500 index added 119 points. That was 1.5%. The Nasdaq up 364 points, 1.4%. After 2024, we had the Trump trade and it was a simplistic version of what was going to work based on the policy mix. Now, it's a little bit the anti-Trump trade or at least going against what the prevailing policies have been.
That's CNBC's Mike Sani. Chips and other parts of the AI trade notched losses as the election is seen as slowing down the AI buildout. Other parts of the market rallied. Capital alpha's James Lucir tells CNBC there still could be strikes against Iran. War and Thanksgiving very seldom go together. But if President Trump wants to get his defense funding through Congress, he probably needs to complete the war before the second half of lame duck begins after uh Thanksgiving.
With Trump, you never know. The midterm election blowout delivered a new era in Washington. Democrats in Congress saying they'll launch a 100day agenda to lower the cost of gas, groceries, and healthcare, release the Epstein files, and hold President Trump accountable. CNBC's Aean Jabver spoke with the president Wednesday afternoon.
I just had a brief phone call with President Trump, and I asked him about working with Democrats, and the president uh was very much in a consiliatory mood and said he can absolutely work with Democrats. He wouldn't want to take tariffs off, for example, but he could work with the Democrats on financial items that he thinks would be mutually beneficial.
But a little bit cy here about exactly what those ideas are. And President Trump spoke to the media on Wednesday. Look, I mean, I'll get along probably with the Democrats unless they want to be destructive, but have the power of the veto. So, if we don't like what they're doing or they'll they've already called and they want to talk about things and that's fine.
on the president's ability to veto anything Democrats try to get done in the next two years. Here's the American Enterprise Institute's James Pakucus on CNBC. Might there be an override of a veto? I mean, the president said he'd be Mr. Veto, though now he's saying he's going to be Mr. Deal. But those vetos like could be overridden, especially on particular consensus issues.
It takes twothirds of the Senate to override a veto. That's 67 votes as of Wednesday afternoon. Democrats hold 54 seats in January. When they take control, they would need 13 Republicans to vote along with them. Homebuilder shares soared Wednesday. Here's CNBC's Diana Ole. The Democratic streak of Congress could address several issues that are plaguing today's housing market.
In a research note, UBS's John Lavalo wrote, "Democratic control of Congress raises the potential for lower tariffs, which we estimate represents about $7,500 of additional cost per home." Now, the Middle East conflict has resulted, of course, in higher diesel fuel prices, which hits construction vehicles and higher interest rates.
The average rate on the 30-year fixed is now about a full percentage point higher than it was a year ago, with rates taking off at the start of the Iran war. Oil prices plunged Wednesday. US crude at about $88 a barrel. This after Vice President JD Vance blamed the GOP election defeat on the Iran war.
Democrats have vowed to end it as soon as possible. On Thursday's watch list, back to earnings from Sigma, Wendy's, Shake Shack, and more. Plus, we find out how many people applied for unemployment benefits last week, and Starbucks rolls out its holiday menu. Jessica Edinger, CNBC.
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