"Shock & Awe" Republicans Sweep Congress; U.S. Market Rallies to All-time High

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The midterm elections favored Republicans going into the election but the sheer magnitude of the sweeping victory astounded the cognoscenti. CNN reports, “A Republican tide ripped the Senate away from Democrats Tuesday, giving the GOP full control of Congress and In the House, CNN projected the GOP will have at least 246 seats, its largest majority since World War II.” CNN also reports “Stunning Republican gubernatorial victories came in reliably Democratic states, including those won overwhelmingly by Obama in 2012. Illinois ousted Democrat Pat Quinn in favor of Republican Bruce Rauner, while Maryland voters opted for Republican Larry Hogan over Democrat Anthony Brown. Republican Charlie Baker won a Massachusetts match-up against Martha Coakley, the state attorney general who lost a special Senate election to Scott Brown in 2010.” Other notable Governorship saves for the GOP were Florida and Georgia. Meanwhile, in the economy the ADP Employment Survey beat expectations on top a strong ISM Manufacturing Employment index. This bodes well for Friday’s Nonfarm-Payroll report. Please see Employment Payrolls on page 56 of the Voya Global Perspectives book.

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