(MENAFN- AFP) Wall Street opened with solid gains and the Dow hit a new record Wednesday after Republicans trounced Democrats in midterm elections and locked up control of both houses of Congress.
While that could turn the government toward what business and industry perceive as more supportive policies, the Democrats' continued hold on the White House "could end up mitigating some of the reported enthusiasm for the election result," said Patrick O'Hare of Briefing.com.
A downturn in the ISM services index for October failed to dent enthusiasm after the markets traded lower for two straight sessions.
An hour into trade, the Dow Jones Industrial Average was up 35.69 points (0.21 percent) at 17,419.53.
The broad-based S&P 500 gained 4.94 (0.25 percent) at 2,017.04, while the tech-rich Nasdaq Composite Index edged up 0.35 (0.01 percent) to 4,623.99.
Third-quarter earnings continued to flow in, with shares of cookie and chocolates maker Mondelez International adding 5.5 percent after it reported a 32.5 percent gain in adjusted profits and raised its outlook for the current period.
Alibaba continued its steady climb following its financial results Monday, the huge Chinese online commerce giant adding another 3.4 percent at nearly $110, compared with its September IPO price of $68 a share.
Leading online travel website TripAdvisor reported a fall in third-quarter net income despite strong revenue gains, sending its shares diving 12.3 percent.
Meanwhile Coca-Cola rose 0.6 percent after launching a new "low calorie" drink dubbed "Life" sweetened by a mix of stevia and cane sugar.
Bond prices slipped. The yield on the 10-year US Treasury rose to 2.36 percent from 2.34 percent Tuesday while the 30-year rose to 3.07 percent from 3.05 percent. Bond prices and yields move inversely.
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