An old piece of conventional wisdom resurfaced in US corporate circles as Tuesday’s midterm elections approached: divided government is good for business, because a lack of total control prevents either party from doing anything too extreme.

With several tight races still left to call, leaving the shape of the House and Senate unresolved, business leaders let themselves hope that a more narrowly divided government than polls had suggested would be even better.

The latest signs of the electorate’s deep splits made it more important than ever for officials “to address our nation’s challenges by bridging divides and forging durable solutions”, said Suzanne Clarke, chief executive of the US Chamber of Commerce, the leading Washington lobby group.