NEW YORK (TheStreet) -- U.S. stocks eased back from earlier session highs during a choppy trading day in which investors digested news of the GOP seizing control of the Senate. The S&P 500 and Dow Jones Industrial Average were gaining with the Dow just shy of its all-time high of 17,481 achieved around the market open.
The shift in power in the Senate 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.
Watch the video below for a closer look at how U.S. markets are doing in midday trading Wednesday:
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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 0.43%, the S&P 500 climbed 0.44% and the Nasdaq fell 0.14% in afternoon trading on Wednesday.