Blue wave sinks oil prices and most energy stocks as the Dow jumps 3%

Wall Street cheered the gridlock, but the energy sector did not. The Dow Jones Industrial Average rose 3% on Wednesday, while most energy stocks fell and crude oil dropped to one-month lows, Fortune reports — on hopes for Iran war peace talks and doubts about the data center boom after the Democratic wins. Clean power and utilities in a few reliably red states were the exception; states like Texas, with the most surprising Democratic victories, saw the sharpest moves. TD Cowen analysts cut the odds of passing the bipartisan permitting bill for energy projects in the lame-duck session from 40% to 25%. Charles Hua of the PowerLines nonprofit called the result a referendum on utility bills and gasoline costs. More than 40 local ballot measures on data centers passed, all but one.