A Republican-controlled Senate may be a win for stocks, some experts have said

Stocks gained momentum on Wednesday as investors focused on the Republican Senate keeping control despite a White House race that is still too close to call, while the Democrats maintain control of the House.

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The Dow Jones Industrial Average jumped 700 points or 2.6%, while the S&P 500 and the Nasdaq Composite rose 3% and 4% respectively.

Large-cap tech companies, such as Facebook, Alphabet, Twitter and Amazon, may be benefiting from the failure of a Democratic sweep in the House and Senate, which could have prompted tougher regulatory actions, say, investors.

On the economic front, investors shrugged off the ADP employment change for October, which showed a reading of 365,000 jobs added, missing expectations of 650,000 by a wide margin. Read more at FOX Business