NEW YORK (TheStreet) -- U.S. stocks lost the momentum they had earlier in Wednesday's session as the Dow Jones Industrial Average and S&P 500 trimmed their gains and the Nasdaq turned negative.
Stocks surged into the open on Wednesday, with the Dow touching an all-time high of 17,481.32, after the GOP seized control of the Senate. This shift in power is believed to herald new pro-business economic policy in the final two years of Barack Obama's presidency.
Economic woes were at the top of the list of concerns for voters headed into the mid-term elections Tuesday with 70% noting that current conditions were poor, according to preliminary exit polls.
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The economic recovery appears intact, though, even as citizens' confidence is shaken. The private sector added 230,000 jobs in October, according to ADP employment data, compared to analysts' estimates for a 220,000 gain. A month earlier, a revised 225,000 jobs were added to the private sector.
"The job market is steadily picking up pace," Mark Zandi, chief economist of Moody's Analytics, said in a statement. "At this pace of job growth unemployment and underemployment is quickly declining. The job market will soon be tight enough to support a meaningful acceleration in wage growth."
The Dow added 0.17%, the S&P 500 climbed 0.28% and the Nasdaq was down 0.06%.
Though the Senate win gave markets an immediate boost, Raymond James' analyst Jeffrey Saut warned in a note that "much of the long-term impact will likely be predicated on how far President Obama is willing to go to cooperate with the new conservative majority."