- The Dow Jones, S&P 500, and Nasdaq edged sideways on Wednesday.
- Despite believing that a Trump loss in 2020 would cripple the stock market, Wall Street ignored Nov. 5 electoral losses in key Republican strongholds.
- Democrats won the governor’s mansion in Kentucky, as well as both houses of the Virginia General Assembly.
The Dow Jones remained little changed on Wednesday, holding near record highs even after backlash to President Donald Trump helped propel Democrats to statewide victories in crucial Republican strongholds.
Wall Street analysts generally believe a Democratic presidential victory next year would knock the wind out of the stock market’s sails. However, investors appear to be disregarding the impact of Tuesday’s results on next year’s elections.
Dow, S&P 500, and Nasdaq Cling to Record Highs
The US stock market’s three major indices opened to slim losses. The Dow Jones Industrial Average sought to secure its fourth straight advance, but the index dipped 37.71 points or 0.14% to 27,454.92.
The Dow Jones Industrial Average was little changed on Wednesday. | Source: Yahoo Finance
The S&P 500 added to Tuesday’s 0.12% pullback, declining another 3.43 points or 0.11% to 3,071.19.
The Nasdaq underperformed, falling 25.98 points or 0.31% to 8,408.7.
A softer US dollar helped precious metals recover from Tuesday’s slide, though the gold price continues to trade below the $1,500 mark.
2019 Elections Send Trump a Warning, But Wall Street’s Not Listening
As the 2020 US elections inch closer, Wall Street’s focus will increasingly turn toward the presidential race.
Precise forecasts vary, but there’s a strong consensus that a Trump victory could reinvigorate the stock market, sending the Dow and S&P 500 further into record territory.