NEW YORK: Wall Street’s main indexes were up after a weak start on Tuesday as investors waited for the outcome of Georgia’s Senate runoff elections, which are expected to determine the balance of power in Washington.

While a “blue sweep” of Congress could usher in greater fiscal stimulus to aid the coronavirus-ravaged economy, it could also pave the way for President-elect Joe Biden to push through greater corporate regulation and higher taxes, hurting some areas of the market.

The Cboe Volatility Index flip-flopped after closing at its highest level in two months in the prior session, which saw Wall Street’s main indexes drop to two-week lows on concerns over a persistent surge in coronavirus cases.

At 09:48 a.m. ET the Dow Jones Industrial Average rose 125.12 points, or 0.41%, to 30,349.01, the S&P 500 gained 16.43 points, or 0.44%, to 3,717.07 and the Nasdaq Composite gained 74.48 points, or 0.59%, to 12,772.93.