Dow's best day since 2025, Vance blames Iran war, 2 Senate races too close to call
Stocks rally after Democrats win Congress, Vice President Vance blames the Iran war for Republican losses, Mississippi and Alaska Senate races remain uncalled, Iran reacts to the U.S. vote, and the DFL wins a Minnesota trifecta.
The Dow Jones Industrial Average rose about 1,570 points, or 3%, on Wednesday, its best one-day gain since April 2025, after Democrats won control of the House and Senate, ABC News reports; Reuters says Wall Street closed sharply higher as the result eased political uncertainty. The S&P 500 rose 1.5% and the Nasdaq 1.4%, per ABC News. Oil futures fell more than 7%, to about $88.60 a barrel, after Vice President JD Vance blamed the Iran war for Republican losses. Data center and chip stocks fell, with Nvidia down about 3%.
Vice President JD Vance wrote on X on Wednesday that "the reason we lost is the war," referring to the war with Iran, and said anyone who thinks losing the Senate for six years was worth it should argue so. President Trump told The New York Times that going to war with Iran was a "very wise decision" and told The Wall Street Journal "I would have done it again," while telling Fox News that "part of it was Iran" in explaining the results.
Vice President Vance says"The reason we lost is the war." He said anyone who believes losing the Senate for six years was worth it should argue so, "but everyone knows why we lost."
President Trump saysGoing to war with Iran was a "very wise decision"; he told The Wall Street Journal "I would have done it again," and said people "understand the importance of what I've done."
Democrats have won 54 Senate seats and Republicans 44, with two races uncalled, Forbes reports. In Mississippi, Democrat Scott Colom led Republican Sen. Cindy Hyde-Smith by 43 votes out of more than 900,000 ballots in the latest count; mail ballots received within five business days and provisional ballots are still to be processed, and Mississippi has no automatic recount. In Alaska, Democrat Mary Peltola led Republican Sen. Dan Sullivan by several hundred votes with about three-quarters of ballots counted; absentee ballots are accepted up to 15 days after Election Day, and ranked-choice tabulation applies if no one wins a majority.
Democrats sayScott Colom: "The results are all trending in our direction." Mary Peltola: "It will be weeks... This is Alaska normal."
Republicans saySen. Cindy Hyde-Smith said she would "continue" serving. Sen. Dan Sullivan: "We have run a campaign based on our record, and character, and truth, and integrity, and respect for Alaskans."
Iran's chief negotiator and parliament speaker, Mohammad Bagher Qalibaf, wrote on X that "Americans said NO TO WAR, and we endorse this message," and warned that if Washington ignores the vote "it will learn our NO comes with a Nightmare," AP and CBS News report. Supreme Leader Mojtaba Khamenei dismissed the idea that the U.S. will change its approach, AP reports. Thousands marched in Tehran at a government-organized rally marking the 1979 U.S. Embassy takeover. Indirect talks through mediators are ongoing.
The DFL won enough races to control the Minnesota House and Senate and keep the governor's office, giving it a trifecta, according to AP race calls reported by FOX 9 and Bring Me The News. As of Wednesday morning, AP had called 72 House seats for the DFL and 50 for Republicans, with 12 uncalled, in a chamber that had been tied 67-67; and 34 Senate seats for the DFL and 24 for Republicans, with 9 uncalled. Amy Klobuchar won the governor's race.
