Markets in Asia took their cue from Wall Street, where stocks rallied Wednesday. The Dow closed up 368 points, or 1.3%, higher. At its highest level, the index was up more than 800 points in Wednesday’s session. The S&P ended 2.2% higher. The Nasdaq closed 3.9% higher.
If Republicans hold the Senate, they will want to stop what they see as the Joe Biden “spending agenda” and “runaway federal debt,” which will mean less fiscal stimulus and no corporate tax increases, said Jon Lieber, managing director with consultancy Eurasia Group.
The Republicans are fundamentally a “small government, low tax party” that doesn’t want to see spending rates growing so much, Lieber said during a Wednesday seminar held by Eurasia Group.
— CNN’s Jill Disis and Anneken Tappe contributed to this report.