U.S. stocks soared Wednesday after President Donald Trump’s party lost its sole control of Washington in the midterm elections

Stocks generally do well in the months following any midterm U.S. election, regardless of who wins, and the S&P 500 jumped 1.6% for its best day in three months. The Dow Jones Industrial Average rallied 1,569 points, or 3%, and the Nasdaq composite climbed 1.4%. Stocks of hospital owners and dollar stores serving low-income Americans helped lead the widespread rally following the nationwide losses for Republicans. Investors, meanwhile, see risks ahead for Trump’s social-media company, the artificial-intelligence industry and businesses owned by Elon Musk, who donated heavily to Republicans.