Business is booming on Wall Street, as US stock futures roared this Monday morning. It’s apparent Wall Street expects Joe Biden will win the presidency and Democrats will retake the Senate and maintain control of the House.
Madness on the floor Will undue as usual as Stock futures are on track to start the day off with a bang when the opening bell rings in New York. A scene that will make business people a lot more comfortable with Biden taking over.
For the numbers people, Dow futures are up 1.4%, or 370 points, while those for the S&P 500 are up 1.1%. Nasdaq Composite futures are trailing behind slightly, up 0.8%. This is all extremely positive and exciting news as this could be the new norm.
Investors want more fiscal stimulus, especially knowing that stocks typically favor Republican policies. They are also aware that things could change fast due to spiking Covid-19 numbers. A Biden win would likely mean less news and headline risk for stocks in the term to come, investors believe.
“If the polls are roughly right, Joe Biden is going to win the election comfortably and we will know that before midnight tomorrow,” said Andy Laperriere and Don Schneider at Cornerstone Macro.
We’ve all heard President Donald Trump say that if Joe Biden wins the White House, stocks will crash, retirement accounts will vanish and economic depression “the likes of which you’ve never seen” will engulf the nation. But it’s quite the opposite. Wall Street is becoming more and more excited about a Biden led White House and Administration.
It’s only Monday, and 1 day before the biggest presidential election of our lifetime. Let’s hope the economy is headed in the right direction along with the future of our country. #RollingWithJoe