Stocks surge, oil tumbles after Trump's election rout

Wall Street stocks surged on Wednesday as markets greeted the resolution of US midterm elections while oil prices tumbled on expectations the Democratic sweep could hasten a resolution to the US-Iran war. Democrats seized control of both houses of Congress in a victory that gives them the power to block legislation, open investigations into Trump's administration and influence government budgets, including the Pentagon. Heading into Tuesday's vote, some investors had viewed a decisive Democratic win as representing trouble for stocks, citing the risk to the buildout of artificial intelligence data centres. But stocks bounced on Wednesday as analysts said the election outcome resolved uncertainty and pointed to relief that Trump did not contest the results. Oil prices were under pressure throughout the session, adding to losses after US Vice President JD Vance said in a social media post that the Republican defeat was due to the unpopularity of the Iran war, which has sent the prices of fuel and other staples soaring. Crude prices finished the day down more than eight percent with both major contracts under US$100 a barrel. "I think that the election might be leading the market to conclude that Trump might now be inclined to make a deal," said Andy Lipow of...