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Here's what the Democratic election rout could mean for the U.S. economy
The Democratic midterm election sweep could result in changes in economic policies related to trade, spending priorities and artificial intelligence. But the biggest forces shaping the economy aren't going to change just because the party in power did.
Affordability pressures, heavy levels of government spending and growth that is dependent on the artificial intelligence tail wind are likely to persist, economists say. And all of those factors pose risks to the economy.
"It's in a very kind of fragile place, and I don't know that it would take a lot to push the economy off the rails, and recession becomes a much greater risk," said Mark Zandi, chief economist at Moody's Analytics. "That isn't the case at the moment, but I don't think that's gone away."
Stock market today: Dow rises, S&P 500 and Nasdaq slip as post-election relief rally fades, oil rises
US stocks split Thursday as the crosscurrents of a power shift in Washington, the war in Iran, earnings, and labor market data overlapped.
The Dow Jones Industrial Average (^DJI) tumbled 1% after the blue-chip index roared back on Wednesday following the US midterm election results. Meanwhile, the S&P 500 (^GSPC) fell 2.1%, and the tech-heavy Nasdaq Composite (^IXIC) dropped 3.6% as semiconductor stocks declined.
Investors continued to process the Democrats' sweeping victory on Tuesday and its implications for markets and the economy. As the stock market sorts out the perceived winners and losers of a regime change on Capitol Hill, one thing is clear: The market breathed a sigh of relief at the removal of overhanging election uncertainty.
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