Markets plunge as Democrats sweep midterms; Trump arch blocked hours after approval
Wall Street suffered its worst post-midterm day ever as Democrats took control of Congress, while a federal judge quickly halted construction on a Trump monument in Washington.
Stocks experienced a massive selloff after Democrats swept the midterm elections, erasing trillions in market value. The Dow plunged more than 1,800 points as Wall Street's post-election rally evaporated, marking the worst post-midterm trading day on record. Global tech stocks also plunged as AI regulatory concerns intensified following the Democratic victories, with Japan's Nikkei 225 entering bear market territory and SoftBank sliding sharply.
Trump attributed the market decline to Democratic gains in Congress, calling it a sad development. The White House denied reports that key Trump administration officials would leave their posts following the election losses, with both Pete Hegseth and Marco Rubio facing speculation about their futures. Hegseth responded defiantly in recent statements, promising not to back down in pursuing Trump's agenda and dismissing impeachment threats.
A federal judge blocked construction on Trump's planned 250-foot arch near Washington less than an hour after a federal commission voted to approve it. The monument's status remains contested despite the approval, with the swift legal action halting the project's advance.
Democrats achieved significant electoral victories, taking control of both chambers of Congress in a blue wave that reshaped the political landscape. Los Angeles elected Nithya Raman as its new mayor, defeating incumbent Karen Bass, while results in other races continued to favor Democratic candidates.
SourcesABC NewsLA TimesThe IndependentPBS NewsHour 1PBS NewsHour 2
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