Pelosi in the lead for Speaker job as tech, healthcare stocks jump on midterm results

It was a bull run in the US market on Wednesday with the results of US midterm elections meeting expectations. Democrats won the House of Representatives, while Republicans strengthened their hold of the Senate, in what would turn out to be quite a situation in Washington.

The technology and healthcare stocks inched 1.5% higher on the news, as expectations of gridlocked government not being able to pass restrictions and related regulation came to the foreground.

Investors were quick to buy back into the market after the expected results, especially after a disastrous October.

An hour after the opening bell, Dow Jones Industrial Average was up 142.47 points, while the S&P 500 was up 21.30 points. The Nasdaq Composite gained 87.50 points.

After the October selloff, S&P 500 is still 5% below its all-time high. Other concerns regarding international foreign policy and trade war fears could be a few reasons for this.

Financial stocks, which where among the biggest gainers of the Trump administration, slipped 0.27% after bank stocks fell 0.52%.

The race for speaker

Many Democrats will soon be contesting for the top role in the House of Representatives, but 78-year-old San Francisco liberal Nancy Pelosi could be the first choice.

Minority leader Pelosi has already made it abundantly clear that she wants the job. She previously held the same position, that too as the first woman speaker, from 2007 to 2011.

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