NEW YORK (AP) — Stocks rose Monday afternoon on Wall Street as the campaign winds down for the U.S. midterm elections that will determine which party controls Congress.
The S&P 500 was up 0.9% at 2:33 p.m. ET. The Dow Jones Industrial Average rose 439 points, or 1.4%, to 32,843 and the Nasdaq rose 0.9%.
Apple changed little after an earlier drop after the company warned customers they will have to wait longer to get the latest iPhones after antivirus restrictions were imposed on a contractor’s factory in China. Facebook’s parent company jumped 5% after the Wall Street Journal reported that the company plans a big round of layoffs this week.
Cruise lines and other travel-related companies fell. Norwegian Cruise Line, which reports financial results on Tuesday, fell 1.6%.
Bond yields increased. The 10-year Treasury yield rose to 4.20% from 4.16% on Friday. The two-year Treasury yield rose to 4.73% from 4.66%.
Tuesday’s election it will decide the control of the Congress and of the main governments. History suggests the ruling party may suffer losses in the midterms, and decades-high inflation has become a major problem for Democrats. Markets typically prefer a mixed balance of power that amounts to few major changes in policy.
The stubbornly hot inflation and the The Federal Reserve’s policy of raising interest rates combating it remains the great concern of Wall Street. Investors will get an important update on inflation on Thursday when the US government releases its October consumer price report.