After the few days of uncertainty regarding election results, finally, Investors and financial executives were relieved when the Biden victory was declared by the major media networks. Although the current president trump hasn’t conceded the elections and said that he would fight the results in court.
Chief investment officer at Sunrise Capital Partners, Christopher Stanton said that the Biden is good news for the markets. We’re all so tired of the whipsaw that came with the Trump tweets.
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The biggest weekly gains were seen at the major U.S stock indexes as investors were betting on Biden win and a senate with Republican in the majority. That scenario is good for the investors because it would not be easy to pinch the companies through regulations or taxes.
However several lawsuits and more coming over ballot counting are major risks to asset prices that can drag out the election proceedings.
Investors are now more focus on the Senate which will be decided by the two runoff elections on January 5. Those two runoff elections can potentially give control of White House, Senate and House of Representative to democrats which have increased the election volatility risk at the moment.
Investors are also worried about the stimulus package which can be very small for the economy to recover.
JPMorgan Chase & Co Chief Executive Jamie Dimon said in a statement that now its time for unity and we must all accept and respect the results of the U.S. presidential election and support a peaceful transition of power.
Robert Wolf, a major Democratic donor and former UBS Group AG executive who now runs 32 Advisors said that he is relieved and deeply hopeful for the future of this country.
In a tweet, Billionaire investor Bill Ackman said that results should be accepted by open heart and republicans should Concede graciously. Mohamed El-Erian, Allianz Group’s chief economic adviser, said that he hopes that Biden administration will work with the Congress to control the pandemic and Congress will pass an economic stimulus package for struggling Americans