Election Elation on the Street

The stock market signals a recovery with a record-breaking surge

The financial markets hate surprises. For that reason Wall Street was even edgier than usual on the eve of a crucial mid-term election that might generate a sudden shake-up in national economic policy. But when the news came from the polls that the Republicans had kept control of the Senate and lost no more House seats than expected the New York Stock Exchange was overwhelmed by relief—and euphoria.

By 1 p.m. on the day after the election, the Dow Jones industrial average was up 26...

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