Equity

US equities rallied Wednesday in the wake of the US midterm elections' outcome, while oil prices retreated amid speculation that a Democratic victory could expedite a resolution to the US-Iran conflict. Democrats secured control of both houses of Congress, catalyzing a significant decline in crude oil prices. WTI Crude Oil futures descended to a near one-month low, following a nearly nine percent decrease in the previous session. Positive labor market indicators further underpinned the advance in US equities. All three major indices concluded the session notably higher, with the Dow Jones Industrial Average advancing 3%, or more than 1,500 points to 53,356.12. The S&P 500 index climbed 1.6% while the Nasdaq Composite registered a gain of 1.4%.