Stocks Snap Win Streak as Midterm Results Roll In

Stocks closed sharply lower Wednesday as several key midterm election races remained undecided. While it seems increasingly likely that the Republicans will take control of the House of Representatives, the Senate remains too close to call. Markets hate uncertainty, but the historical prognosis for stocks after a midterm has been positive – we’ll explain more below.

Another headwind for stocks today was the continued sell-off in cryptocurrencies and crypto-related stocks following Tuesday’s news that crypto exchange Binance has purchased non-US assets from rival FTX. Bitcoin fell 11.0% to $ 16,190 (Bitcoin exchange 24 hours a day; prices reported here are from 4 pm). Among stocks, crypto exchanges Coinbase Global (Coins (opens in new tab)) fell 9.5%, while online trading app Robinhood Marketplace (HOOD (opens in new tab)) fell 13.8%.


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