The stock market is on the rise on after Democrats won majorities in both chambers of Congress, with President Donald Trump accepting the results.

Traders work on the floor of the at the New York Stock Exchange on Wall Street on Oct. 19, in New York City. The stock market is on the rise on Wednesday, a day after Democrats won majorities in both chambers of Congress. Photo by John Angelillo/UPI UPI

Nov. 4 (UPI) -- The stock market was on the rise on Wednesday, a day after Democrats won majorities in both chambers of Congress.

The Dow Jones Industrial Average rose more than 1,100 points, about 2.2%, the Nasdaq Composite climbed by 2% and the S&P 500 was up 1.6% on Wednesday morning. Some of the stocks on the rise include Walmart, up 1.3%, Bank of America, up 2.6% and healthcare entities like Centene and HCA Healthcare, up 7%, and Invesco Solar ETF, up 9%.

The stocks referred to as the "Magnificent Seven" marked increases, led by Amazon rising 7%. Apple and Microsoft increased by 6% each, Alphabet rose 5% and Meta increased by 2%.

Outside of these companies, investor activity in the AI industry was more focused on selling than buying as Democrats campaigned on regulating the industry and holding companies accountable for the potential harms of the technology and broad data center expansion in the United States.

Elon Musk's company SpaceX tumbled by more than 3%. Musk donated heavily to Republican candidates in the midterms, including more than $220 million to Texas PACs in support of Ken Paxton's ill-fated Senate campaign.

Musk's businesses, Tesla and SpaceX, are headquartered in Texas.

President Donald Trump may have eased the minds of some prognosticators when he told The New York Times on Tuesday evening that he would accept the results of the midterms, eliminating some looming uncertainty around the elections.

"We'll, you know, look forward to working with them," Trump said of Democrats. "We'll probably work something out."