NEW YORK (TheStreet) -- The S&P 500 and Dow Jones Industrial Average closed at all-time highs on Wednesday as Wall Street cheered news of the GOP seizing control of the Senate.
The Dow added 0.58% to close at 17,484.53. It touched an intraday high on Wednesday of 17,486 just prior to the closing bell. The S&P 500 climbed 0.57% to finish at 2,023.57. The Nasdaq fell 0.06%.
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.
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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 ISM non-manufacturing index for October clocked in at 57.1, just shy of estimates for 58, though remaining above 50, the threshold for economic expansion. Business activity slipped to 60 from 62.9 a month earlier, and new orders fell to 59.1 from 61.
"What we are unimpressed with is the bigger picture downturn from the recent high-water mark when the composite index ran at a reading of 59.6 over the summer," Andrew Wilkinson, chief market analyst at Interactive Brokers, wrote in a research report.