This blog has now closed – our live US midterms results coverage continues here

Wall Street surged at the open, after Democrats scored historic victories in midterm elections and secured control of US Congress.

The Dow Jones rose 2%, while the tech-heavy Nasdaq and the benchmark S&P 500 both gained more than 1%. That’s quite a reversal: Overnight, stock futures fell sharply as investors worried about the prospect of tougher regulation of the AI sector and the impact on economic growth.