Trump posts stock record on Truth Social after midterm losses

President Donald Trump posted to Truth Social on Wednesday to claim credit for a surge in U.S. equities, a day after the midterm elections resulted in a loss of sole Republican control of Washington.

The post read, “Stock Market just hit another Record High, 91 Days in just a short period of time, Less than two years. Your 401(k)s are through the roof. Record Setting All! President DONALD J. TRUMP.”

The Dow Jones Industrial Average rose 1,519 points, or 2.9%, while the Nasdaq composite climbed 1.9% as of Wednesday afternoon.

Historical trends show that stocks often perform well in the months following midterm elections, regardless of the winning party. However, this year's results were harsh for the Republican Party, which saw multiple states and government positions flip to the Democrats.

Analysts note that the Democratic Party appears set to take control of both the Senate and the House of Representatives, a political scenario that Wall Street may have preferred.

Despite the shift in legislative power, Trump retains executive authority over defense, foreign policy, and some areas of trade. In a Fox News interview, the president said, “Congratulations to the Democrats. I think the Democrats did a good job. They fought hard. They’ve been fighting me for a long time. This fight’s been going on for ages.” When asked about cooperation, he added, “I would do that. I think the Democrats want to work with me.”