Stocks Climb as Democrats Win Congress Control

The S&P/TSX composite index rose 480.11 points in early trading after U.S. midterm election results gave Democrats both houses of Congress.

Updated on Nov. 4, 2026 in Stock Markets

Isometric editorial illustration of stacked gold and cream blocks beside a simplified Capitol dome silhouette, illustrating rising markets after a shift in congressional control. — Stock indexes climbed in Toronto and New York on November 4, 2026, after Democrats won control of both houses of Congress in the midterm elections. AI Illustration. Upload story photo >

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Canadian and U.S. stock markets rose in early trading on November 4, 2026, after midterm elections resulted in Democrats taking control of both houses of Congress. The S&P/TSX composite index was up 480.11 points at 36,012.39, while the Dow Jones industrial average gained 1,173.36 points.

Why it matters

The rally came as investors reacted to the shift in political control in Washington, with broad gains across Canadian and U.S. benchmark indexes. Market moves in commodities and currency were more mixed, reflecting a range of pressures across sectors.

Intraday quotations show the S&P/TSX composite up 480.11 points to 36,012.39 and the Dow up 1,173.36 points to 52,960.08, while the Canadian dollar traded at 71.68 cents US versus 71.46 cents US on Tuesday. The source does not say whether these gains were sustained through the close.

The players

S&P/TSX Composite Index

The S&P/TSX composite index is the principal benchmark for the Toronto Stock Exchange, tracking the performance of large Canadian companies.

Dow Jones Industrial Average

The Dow Jones industrial average is a price-weighted index of 30 large publicly traded U.S. companies, widely followed as a barometer of the American stock market.

The details

Stock markets in Toronto and New York moved higher as the S&P 500 rose 102.23 points to 7,671.15 and the Nasdaq composite gained 310.72 points to 25,682.73. Crude oil fell, with the December contract down US$3.11 to US$92.98 per barrel, while December gold rose US$107.40 to US$4,047.80 an ounce.

November 4, 2026: Canadian and U.S. stock markets rose in early trading following the midterm elections.

Market Dynamics

The rally follows a pattern in which equity markets often respond to shifts in congressional control after midterm elections, as investors reassess policy expectations. Gains were broad across Canadian and U.S. indexes, though commodities moved in different directions.

Investors with Canadian and U.S. equity holdings saw index gains on the day, which may affect the value of registered retirement and brokerage portfolios. Those tracking currency exposure should note the Canadian dollar's move to 71.68 cents US.

The takeaway

Broad index gains on the day of the midterm results suggest markets priced in a relatively orderly political outcome. Readers tracking their portfolios should watch whether the rally holds beyond the opening hours.