U.S. stocks surged Wednesday, the day after Republicans regained control of the Senate in the midterm elections. While some are predicting more gridlock in the nation's capital, two market pros aren't convinced.
They think the new dynamic is not only good for the stock market but for the overall economy.
"The bullish argument from last night would be hopefully less gridlock and maybe less gridlock would lead to some sort of unleashing of the term … 'the animal spirits of capitalism,'" said Ron Sloan, chief investment officer of Invesco's global core equity team.
"I think that's the missing ingredient here in the whole recovery."
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Republicans won at least 52 Senate seats in Tuesday's elections, and that number could rise to 54 depending on the outcome of vote-counting in Alaska and a December runoff in Louisiana. In the House, the GOP is expected to command about 250 seats.
"There's a lot of trial balloons that have been let go by the Republicans, whether it's the Keystone Pipeline, whether its oil exporting, whether it's cooperate tax reform, a repatriation of overseas cash," Sloan said in an interview with CNBC's "Power Lunch."
"All these things combined I think tip the balance here and I think could lead to some significant expansion by industrial America."
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Burns McKinney, portfolio manager of Alliance NFL Investment Group, said while conventional wisdom is that there will be gridlock in Washington D.C., he is also expecting a more conciliatory tone.
"You do have a president that really does want to cement his legacy and you have a Republican Congress that's really auditioning for trying to get to the White House in 2016," he said.
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Plus, historically, the markets love a Democratic president and Republican Congress, McKinney said, pointing out that the combination has led to equity market returns of about 15 percent in the past.
That "should be pretty positive for stocks moving forward," he said.