Wall Street closes higher awaiting the results of the midterm elections in the US

Wall Street closed higher on Tuesday, amid a electoral journey which will determine control of Congress and which investors believe could lead to a political gridlock that could prevent sweeping policy changes.

A total of 35 seats in the Senate and 435 in the House of Representatives are up for grabs at the polls. The polls estimate that there is a good chance that the Republicans will win the majority in the House and there will be a close race for control of the Senate.

“In general, financial markets like stagnation. You want slow, evolutionary change, and a divided government provides that backdrop,” said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis.

However, a surprise Democratic victory could raise concerns about regulation of the technology sectoras well as budget spending that could accelerate already high inflation, according to market players.

It was the third straight day of gains in US stock markets, bringing the Dow Jones Industrial Average recorded a decrease of less than 10% so far this year, driven by the laboratory Amgen Inc. which advanced almost 6%, reaching an all-time high, after reporting positive data related to its cholesterol medication.

The Dow Jones Industrial Average rose 1.02% to 33,160.83 units, the index S&P 500 rose 0.56% and ended the session at 3,828.11 units, and the Nasdaq Composite advanced 0.49% to 10,616.20 units.

Of the 11 sector indices of the S&P 50010 rose, led by materials, which rose 1.72%, followed by a 0.92% gain in information technology.

The values ​​related to cryptocurrenciesincluded Coinbase Global y Microstrategyfell after crypto giant Binance signed a non-binding agreement to buy the non-US subsidiary of rival FTX, in order to help cover a “liquidity crisis” in the crypto exchange.

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