On Wall Street, the Dow Jones industrial average soared into record territory, climbing 96.53 points at 6,177.71. Today's close beat the last record finish of 6,094.23 on Oct. 18.
Advancing issues led decliners by more than a 2-to-1 margin on the New York Stock Exchange, with 1,725 up, 785 down and 779 unchanged.
Broad-market indexes jumped too, with the Standard & Poor's 500 list and the NYSE composite index padding yesterday's record highs.
NYSE volume totaled 509.03 million shares, vs. 486.05 million in yesterday.
The S&P 500 rose 10.46 to 724.60. The NYSE's composite climbed 5.12 to 383.55. The Nasdaq composite index rose 16.41 to 1,245.48, and the American Stock Exchange index was 4.25 higher at 577.87.
The markets had anticipated a second-term victory by President Clinton and a continuation of Republican control over Congress. The outcome, traders said, would mean both sides would keep each other and the government spending in check.
"If the president backs away from making these very tough decisions to reduce spending ... you can bet the Republican Congress will hold his feet over the fire," said Hugh Johnson, senior vice president for First Albany Corp. in Albany, N.Y.
But Johnson predicted both sides would lock horns over the next four years. "We're likely to have more gridlock," he said.
Alfred E. Goldman, a vice president at A.G. Edwards & Sons Inc. in St. Louis, agreed: "The market does not like change ... and under the circumstances, it got the best of both worlds, and that's gridlock."
Goldman said a steady economy and an overall bullish market would bode well for stocks in the days ahead, though he said it was likely the market might "cool down a little ... to look at the big picture."
Wall Street was keeping pace with share prices around the world.
Tokyo's Nikkei stock average rose 1.9 percent, Frankfurt's DAX index rose 1.4 percent, and London's FT-SE 100 rose 0.4 percent.
But U.S. Treasury bonds suffered moderate losses, after starting out slightly lower, then registering small gains.
The dollar rose against the Japanese yen in Japan, but lost ground against the yen and most other currencies in Europe and the United States. In late trading in New York, the dollar was trading at 114.00 yen.
Traders in Japan said the dollar was supported by Clinton's re-election as well as Republican control of Congress.