Stocks tick higher following midterms as weight of uncertainty lifts off investors

Stock markets gained on Wednesday following the outcome of the midterms that had Democrats seizing control of Congress. The uncertainty of the outcome historically weighs more heavily on investors than the result itself. 

The Dow Jones Industrial Average traded 1,131 points, or 2.2% higher on Wednesday morning, with the S&P gaining 1.6%. The Nasdaq Composite rose 2%, CNBC reported. 

Shares in companies that are closely linked to the economy and benefit from more stability saw early gains, including Walmart, which jumped 1.3%, and Bank of America, which rose 2.6%. 

Companies that could benefit from Democratic policies gained, including health insurers and hospital operators. Shares in companies that could be harmed by Democratic policies, meanwhile, saw losses. 

Asian markets, which are linked to artificial intelligence trade, tumbled Wednesday, the New York Times reported.