Stocks outside the AI trade are rallying — and Washington just added fuel

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The election gave Wall Street a reason to buy almost everything. Chip stocks are the exception, and they've lost nearly $4 trillion in value since early October. Democrats' sweep of both chambers of Congress sent the Dow Jones Industrial Average (^DJI) up 3% on Wednesday, its best day since the April 9, 2025, rally that followed President Trump's pause on his "Liberation Day" tariffs. Roughly three out of every four S&P 500 (^GSPC) stocks rose in a rally few expected. Apple (AAPL) and Berkshire Hathaway (BRK-B) closed at records. Airlines, homebuilders and retailers jumped as oil fell below $90 a barrel on bets the Iran war is winding down. Home Depot (HD) and Lowe's (LOW) had their best days since November 2022. Chips went the other way.