The 116th Congress was sworn-in on Thursday, with Democrats now taking control of the House.
Also, on Thursday, the Dow Jones plunged 660 points, and the change in Washington may have had some impact on what happened in New York.
Democrats are now in control of the House of Representatives for the first time in eight years.
The change in leadership is one of several factors that has led to another volatile day in the stock market, with the Dow Jones going much lower this week.
The change in congressional leadership in Washington is one of several factors adding to the uncertainty in the stock market.
Financial Advisor Mark Teed told 22News investors must avoid hurting themselves by making moves based on emotion.
He said the stock market will eventually recover.
“When short-term things happen, it makes you want to do something,” Teed told 22News. “It really makes you want to change something in your plan. If you’re a long-term investor and retirement is your focus or kids’ education, then the answer is to do nothing. This is just short-term market action, that usually goes away, and you forget about it sixth months later.”
Teed added that other factors dragging down the stock market include higher interest rates, China’s slowing growth, and now a significant decline in projected sales for tech-giant Apple.
With Democrats now in control of the House of Representatives, Teed said that could make it harder for new laws to pass with a Republican president, and that could also negatively impact the stock market.