Wall Street Exhales, Happily

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NEW YORK: Did Wall Street suddenly go Democrat? The Dow surged 140 points Wednesday morning in the wake of the surprising rebuke of Republicans on election night Tuesday. The NASDAQ was right behind, with a 30-point gain at midday. But TIME Wall Street columnist Daniel Kadlec says that it's Bill Clinton -- and plain old fear of change -- that's keeping Wall Street and Main Street in complete agreement on this one.

"While the markets tend to support Republicans, this year there was relief that the balance of power had been maintained," says Kadlec. Bill Clinton is arguably the most market-friendly president ever, and a Republican majority -- a slender one -- has proved a wonderful complement. "The markets are relieved that Republicans weren't given any more power, and hopeful that impeachment has now lost some momentum," says Kadlec. "This vote maintains the setup that has worked so well already." Funny -- that's just what the voters said.