Dow Jumps 1,009 Points After Midterms as JetBlue Hikes Bag Fees

U.S. equity markets rallied at Wednesday's opening bell after midterm election returns handed Democrats control of both chambers of Congress, even as post-election disclosures highlighted a $446 million campaign expenditure by Elon Musk's America PAC and a second 2026 checked-baggage fee hike by JetBlue driven by a 57% surge in summer jet fuel prices.

Dow Surges 1,009 Points as Voter Economic Discontent Drives Midterm Shift

The Dow Jones Industrial Average jumped 1,009 points, or 1.9% (surging 1,000 points right at the open), on Wednesday morning while the S&P 500 climbed 1.1% and the Nasdaq Composite rose 1.1%, according to ABC7 News. By Wednesday morning, Democrats had captured 54 seats in the U.S. Senate—including upsets in South Carolina and Texas, with competitive races still uncalled in Alaska and Mississippi—and were projected to retake the U.S. House of Representatives for the first time since 2020.

Deutsche Bank research strategist Jim Reid noted in a client memo that the results matched historical norms of an out-of-power party running against an unpopular president, prompting an emerging relief rally, while RBC Global Asset Management senior portfolio manager Jeremy Richardson said the outcome aligned with market expectations. Yorkville Ives analyst Dan Ives cautioned that Democratic control of Congress—particularly the Senate—poses legislative hurdles for artificial intelligence data center buildouts and the "Magnificent 7" tech giants (Alphabet, Amazon, Apple, Meta, Microsoft, Tesla, and Nvidia). In early Wednesday trading, however, Microsoft and Amazon shares each climbed more than 6%, while Nvidia ticked down about 2%.

According to ABC News Voter Polls analyzed by ABC7 News, about 6 in 10 House voters disapproved of President Donald Trump's performance, including 54% who strongly disapproved—surpassing the 51% strong disapproval recorded for President George W. Bush in 2008 exit polling. Voters who strongly disapproved of Trump backed House Democrats by a 90-percentage-point margin, whereas the 2 in 10 who strongly approved backed Republicans by a 96-point margin. More House voters cast ballots to oppose Trump than to support him (44% to 16%, with 97% of opposition voters backing Democrats), and about two-thirds said Trump had the wrong priorities or put personal interests ahead of the country, backing Democrats by 70 and 74 percentage points, respectively.

Economic pain dominated voter sentiment: three-quarters of House voters rated the economy negatively and backed Democrats by 42 percentage points (and by 72 points among the one-third rating the economy poorly). Seven in 10 said the economic system favors the wealthy (supporting Democrats roughly 3-to-1), more than a 2-to-1 margin said their family finances worsened over the past two years, 8 in 10 cited severe or moderate inflation hardship over the past year, and 63% blamed Trump's policies for higher prices. Democrats held a 47% to 40% favorability edge over Republicans, led by 28 percentage points among the 15% of "double haters," won roughly three-quarters of voters under 30 (up from just over half in 2024), and carried independent voters—roughly one-third of the electorate—by 58% to 38%.

Elon Musk's America PAC Spends $446 Million in Midterm Losses

In a review of campaign spending, The Verge reported that Elon Musk's America PAC spent $446 million (nearly $500 million) on the 2026 midterm elections, including $47 million aimed at defeating Texas Democratic Senate candidate James Talarico. Talarico, who campaigned on the slogan "Texas is not for sale" and criticized AI data centers, defeated Musk-backed Republican Ken Paxton with 55% of the vote as Democrats also won races for Texas governor and attorney general, raising the prospect of unredacting Gov. Greg Abbott's emails with Musk. To illustrate the scale of $446 million, The Verge noted the sum equals 223,000 Nvidia GeForce RTX 5090 graphics cards at the $1,999 MSRP (or 60,000 at $7,240), Larry Ellison's private island ($300 million in 2012, or $440 million today), The Washington Post ($250 million in 2013, or $360 million today), or a $14.67 gift card for each of roughly 30 million Texans.

JetBlue Raises Checked Bag Fees Again as Jet Fuel Climbs 57%

Meanwhile, JetBlue raised checked baggage fees for the second time in 2026 for tickets purchased on or after Nov. 3, following an earlier increase in March that preceded fee hikes at Delta, United, American, and Southwest, according to KCBS Radio and the Associated Press via ABC7 News. For most economy passengers flying within the United States, Canada, Latin America, and the Caribbean, the first checked bag paid at least 24 hours before departure now costs at least $50 each way during off-peak periods (up from $39 previously and $35 at the start of 2026) and $55 during peak Thanksgiving and winter holiday periods. Within 24 hours of departure, the first bag costs $60 off-peak and $70 peak. A second checked bag now starts at $70 each way off-peak, $75 during peak periods, and up to $85 at the airport, though eligible co-branded credit card holders and loyalty program members still check bags free. JetBlue reported that unresolved conflict in Iran and restricted shipping through the Strait of Hormuz pushed its average summer 2026 jet fuel price to $3.91 per gallon—up 57% year over year—with fourth-quarter fuel projected at $4.64 per gallon, up 85% from a year earlier.