Best post-midterm rally in 44 years, then $3 trillion gone in a day

Wall Street's celebration of the Democratic sweep lasted exactly one session, Fortune reports. On Wednesday the Dow rose 1,569 points, or 3%, its best post-midterm performance in 44 years, and the S&P 500 closed at 7,688.62 as oil fell more than 8%. By Thursday afternoon the Nasdaq was down 5.2%, the S&P 500 3.8% and the Dow 2.9%, roughly $3 trillion in market value erased, and the Dow was heading for its worst second trading day after a midterm in data going back to 1896. The Philadelphia Semiconductor Index briefly fell as much as 11%, on track for its steepest loss since March 2020. The trigger: 41 ballot measures on slowing data-center buildouts, most of which passed, and Texas governor-elect Gina Hinojosa's call for an immediate moratorium. Not everything fell: consumer staples rose 1.5% and Berkshire Hathaway hit an all-time high.