Dow surges 270 points, pops above 50-day moving average, as McConnell signals infrastructure bill still possible
The Dow Jones Industrial Average traded near session highs Wednesday morning, as investors appeared to assume a sanguine stance after midterm elections resulted in a split Congress. The Dow was up nearly 270 points, or 1.1%, at 25,905, popping above its 50-day moving average at 25,863 for the first time since early to mid- October when stocks were rocked lower, according to FactSet data. Gains come as investors appear hopeful that they may yet see market-boosting legislation, including an infrastructure spending bill. Democrats claimed a majority in the House of Representatives and Republicans retained control of the Senate, in Tuesday's midterm votes. During a Wednesday news conference Sen. Mitch McConnell said that he would work with House Democratic Leader Nancy Pelosi on bills like infrastructure even if Democrats pursued investigations into the president.The S&P 500 index , meanwhile, gained 1.4% at 2,792, shy of its 50-day MA at 2,833. Market technicians view moving averages as gauges of bullish and bearish momentum in an asset. The Nasdaq Composite Index climbed 1.8% at 7,509. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.