Trump credits record stock surge after Democrats seize Congress

The Dow Jones Industrial Average climbed 1,519 points on Wednesday, a 2.9 percent gain that pushed the market to a new peak. This sharp rally occurred just 24 hours after the midterm elections resulted in a major loss for the Republican Party. President Donald Trump took to Truth Social to claim credit for the financial performance, noting the market had hit a record high 91 days ago.

In his post, the president stated that investors' 401(k)s were "through the roof." He described the current market conditions as "Record Setting All!" while identifying himself as President Donald J. Trump. The Nasdaq composite also rose, climbing 1.9 percent by Wednesday afternoon. This marks a distinct shift in momentum for the U.S. equity market following the November votes.

Democratic candidates won control of both the U.S. Senate and the House of Representatives. Several GOP-held states and government positions flipped to the Democrats in the November election. Market analysts suggest the rally reflects a preference for this specific political balance. Wall Street may view a split government as a more favorable scenario for corporate stability and legislative progress than a unified Republican Congress.

Trump retains executive power over defense, foreign policy, and certain trade matters despite the legislative shift. In an interview with Fox News, the president signaled his intent to collaborate with the new congressional leadership. He told reporters, "Congratulations to the Democrats," adding that he believed they "did a good job." Trump further noted, "I would do that," when asked about working with the party that now controls both chambers of Congress.