: Midterm election results: Control of House and Senate too close to call

by | Nov 9, 2022 | Stock Market

The battle to control the U.S. House and Senate was too close to call early Wednesday, as Republican hopes for a strong red wave in the midterm elections appeared to be getting dashed. The House seats to flip to the GOP included one held by Democratic Rep. Elaine Luria of Virginia, who lost to Republican challenger Jen Kiggans, as well as two seats in Florida, but Democrats also had flipped seats.

Republicans were needing a net gain of only five seats to win a majority in the chamber. Democrats have had a grip on the House since the 2018 midterms. Read more: Here are the House seats that have flipped in the midterm elections Among the competitive Senate races, Democrats kept their grip on seats in Colorado and New Hampshire, while scoring a pick-up in Pennsylvania. Republicans maintained their control of seats in North Carolina and Ohio, and Georgia’s contest looked like it could head to a Dec. 6 runoff. See: Betting markets now see Democrats keeping their grip on Senate as midterm results so far don’t indicate a red wave And read: Ohio’s J.D. Vance tells MarketWatch he wants to end tax loopholes for tech companies and ban congressional stock trading. Democrats have run the Senate for two years, controlling the 50-50 chamber only because Vice President Kamala Harris can cast tiebreaking votes. Ahead of Tuesday’s voting, betting markets had signaled confidence in GOP prospects for taking over the House as well as the Senate. Analysts had said voters in October and November appeared increasingly focused on Republican issues such as high prices for gasoline
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and other essentials, at the expense of Democrats’ agenda items in their midterm campaigns. Biden and his fellow Democrats have emphasized their support for abortion rights following the Supreme Court’s June decision overturning Roe v. Wade. But the outcome was looking more like a red ripple, rather than a red tsunami. GOP Sen. Lindsey Graham of South Carolina told NBC News that the midterm results were “definitely not a Republican wave, that’s for darn sure.” U.S. stock futures recently traded mostly down a bit, with futures for the Dow industrials
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and S&P 500
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off by about 0.2%.

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