US stocks climb to 3-month high after Democrats win midterm polls

The US stocks surged to a three-month high after Democrats secured victories in both the House of Representatives and the Senate in the midterm elections. The rally also came amid expectations that the Iran war could end soon, potentially lowering oil prices, and companies' decisions to cut AI spending. The S&P 500 gained 1.58% while the Nasdaq surged by 1.44%.