Wall Street closes in green awaiting the midterm elections in the US

Wall Street closed sharply higher on Monday as investors’ attention focused on Tuesday’s legislative elections that will determine control of Congress, while stocks in Meta Platforms rose after a report of job cuts at Facebook’s parent company.

Republicans have gained momentum in the polls and analysts see a divided US government, with the Republican Party winning the House of Representatives and possibly the Senate, as the likely outcome that will possibly hamper Democratic President Joe Biden’s agenda.

“The probability that the Republicans will take over the House of Representatives or the Senate is quite high, which warrants some kind of lock-in over the next two years,” said Ross Mayfield, an investment strategy analyst at Baird. inflationary”.

Attention this week will also turn to US consumer price data for October, due on Thursday, for clues as to whether the rapid rises in interest rates in the United States Federal Reserve they are helping to cool down the economy.

Four managers of Fed They indicated on Friday that they would continue to consider a smaller rate hike at their next policy meeting, despite new data showing another month of strong job gains and only small signs of progress in reducing inflation.

Actions of Meta Platforms Inc rose after a report that the company planned to begin large-scale layoffs this week. The stock is down more than 70% so far this year.

The Dow Jones Industrial Average rose 423.78 points, or 1.31%, to 32,827 points, the S&P 500 gained 36.25 points, or 0.96%, to close at 3,806.80 units, and the Nasdaq Composite it rose 89.26 points, or 0.85%, to 10,564.52 units.

The actions of Microsoft y Google-parent Alphabetwhich have recently suffered losses, rebounded and contributed greatly to the gain of the S&P 500 during the session.

All three major US indices are in bearish territory, with the Nasdaq tech heavy down 33% year-to-date on concerns that aggressive monetary policy tightening could tip the US economy into recession.

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