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Investors celebrate Biden winning U.S. presidency

EconomyNov 07, 2020 09:15PM ET
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2/2 © Reuters. U.S. Democratic presidential candidate Biden campaigns in Philadelphia 2/2

By Lewis Krauskopf, Koh Gui Qing and Lawrence Delevingne

NEW YORK (Reuters) - Investors and financial executives took a big sigh of relief on Saturday after major networks declared Democrat Joe Biden winner of the U.S. presidential election, offering some certainty after days of conflicting reports about who might run the White House next term.

Although current President Donald Trump said he would fight the results in court, Wall Streeters who offered comments felt there was little doubt Biden would ultimately succeed. Election predictors including the Associated Press, NBC, Fox News and Edison Research, upon which Reuters relies, called the presidency for Biden.

"Biden is good news for the markets," Christopher Stanton, chief investment officer at Sunrise Capital Partners, said on Saturday. "We're all so tired of the whipsaw that came with the Trump tweets."

Major U.S. stock indexes registered their biggest weekly gains since April this week, as investors bet Biden would win and Republicans would hold onto the Senate. That scenario would create a steadier hand in the Oval Office and a Congress that would check left-leaning impulses on taxes or regulations that pinch companies, investors said.

However, there are lingering risks to asset prices in the days and weeks ahead.

Republicans have already filed several lawsuits over ballot counting and Trump said his campaign will file more. The litigation could drag out election proceedings.

Investor focus also now turns to the Senate, which remains undecided ahead of two runoff elections in Georgia on Jan. 5. The significance of those races, which could potentially end up with the Democrats controlling all three of the White House, Senate and House of Representatives, means January is "the new November" in terms of election volatility risk, Michael Purves, founder and CEO of Tallbacken Capital, said in a note to clients. Purves said that was evident when looking at contracts for the stockmarket's fear gauge, the VIX (VIX), stretching out into the months ahead.

Beyond those battles, investors have been worried about the people Biden might appoint to his Cabinet. Some of those officials would be negotiating with Congress about a relief package and have extensive powers to craft Wall Street rules.

Current U.S. Federal Reserve governor and former McKinsey consultant Lael Brainard's name has been floated as a potential Treasury Secretary, while Biden has already tapped former derivatives market regulator and Goldman Sachs Group Inc (N:GS) banker Gary Gensler for advice on financial regulation.

For the moment, investors and prominent Wall Street figures said they were happy with the election finally being called after what seemed like unending tension as ballots were counted through the week.

"Now is a time for unity," JPMorgan Chase & Co (N:JPM) Chief Executive Jamie Dimon said in a statement. "We must respect the results of the U.S. presidential election and, as we have with every election, honor the decision of the voters and support a peaceful transition of power."

Leon Cooperman, a billionaire former hedge fund manager who had previously criticized Democrats said he was pleased with the results.

"It's a signal to the world that America has not changed its values," said Cooperman, of Omega Family Office. "That's a good thing in my view."

Robert Wolf, a major Democratic donor and former UBS Group AG (S:UBSG) executive who now runs 32 Advisors, was enthusiastic: "I am ecstatic, relieved and deeply hopeful for the future of this country," he said in a text message.

Billionaire investor Bill Ackman wrote on Twitter: "There comes a time in the battle when one should fold the tent," and urged: "Concede graciously and call for unity."

The financial industry was not reacting in a bubble: major cities from New York to San Francisco erupted in celebration on Saturday. Though Trump undoubtedly has significant support throughout the country, including on Wall Street, 2020 has been a difficult year for the United States.

The coronavirus pandemic has taken a huge toll on the country, killing some 236,250 people so far, while social unrest over the police killing of George Floyd, a Black man, has only hardened divisions that already existed.

Many voters were hoping for a decisive election that would offer some calm, whichever candidate they cast ballots for.

Mohamed El-Erian, Allianz (DE:ALVG) Group's chief economic adviser, said he hoped a Biden administration could work with Congress to get a handle on the pandemic and pass an economic stimulus package for struggling Americans.

"The country needs to come together to deal better with a surge in Covid infections that risks the loss of more lives, greater disruptions to livelihoods, and long-term economic, institutional and social scarring," he said.

Investors celebrate Biden winning U.S. presidency
 

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Comments (22)
Me comment
Me comment Nov 08, 2020 2:27PM ET
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To all the conservative Trump followers, the door is open you can leave anytime.
WILLIAM HAGERTY
WILLIAM HAGERTY Nov 08, 2020 1:07PM ET
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I have a lot of money invested why am I not happy?
Aye Chan Tha Zan
Aye Chan Tha Zan Nov 08, 2020 12:44PM ET
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good luck
Wayne Zhu
Wayne Zhu Nov 08, 2020 9:58AM ET
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Wall street, like Biden, is corrupted to the core. These people don't care about out country, they only care about money.
Yisroel David
Yisroel David Nov 08, 2020 3:23AM ET
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My only question is when will the bubble burst
Johnny Cash
Johnny Cash Nov 08, 2020 3:23AM ET
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Too big to fail. Now it is too big to burst.
Chopin Liszt
Chopin Liszt Nov 08, 2020 3:23AM ET
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tomorrow. nasdaq under 10k
Eric Miner
Eric Miner Nov 08, 2020 3:10AM ET
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Wall St. who relies on China markets for portfolio growth is relieved that the only man who will challenge China is out of office? No way...
Greg Nathan
Greg Nathan Nov 08, 2020 2:06AM ET
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"The people have spoken." Some more than others. Some dead. Some illegal. What some spoke didn't count... The scary thing is the ball is in the GOP's court. 6 months ago it was the Dems who were petitioning the courts. They got their looser voting procedures due to covid. Now we have the fruits of their effort. Monday is going to be a big day for the President's legal team. Who knows if it will be enough. Only time will tell. Although the President warned there would be voter fraud, I remember what the President said in response to what he thought was fraud in the election process: "we won't stand for it." Do you think that's still his position? By the way, what happened to the hate-free zone? In Philly I saw a "Nurses Hate Trump" sign. Dr. King said love was the only thing that could drive out hate. What happened to the education of America's youth that we have gone backwards like that? Is Philly not part of the hate-free zone? Does it belong only to the GOP?
Jan Buyle
Jan Buyle Nov 08, 2020 2:06AM ET
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Trump lost, get over it.
Greg Nathan
Greg Nathan Nov 08, 2020 2:06AM ET
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Jan Buyle  , Oh... so you are buying the fake news.  They could be right.  But the media is not the electoral college.  By the way, what was the media track record in their predictions for this election?  Perfect?  Everyone knows many of their predictions turned out wrong.  You're going with them.  How's the kool-aid?  Sweet enough?  If you haven't checked out the reporting on Fox News you ought to.  You owe it to yourself to hear both sides.  Maybe you don't take as good of care of yourself as you ought to - i don't know...
Zack Harding
Zack Harding Nov 08, 2020 2:02AM ET
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Unity means assimilation to the left, absolute power, thats why they fought Trump 4 straight years with 92% negative press coverage and threw fits when he woukd not give in to pet projects and status quo.
Rich Morris
Rich Morris Nov 08, 2020 1:21AM ET
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Unity? What planet do these people live on.
Dietmar Stahl
Dietmar Stahl Nov 08, 2020 12:00AM ET
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Biden now the Governor of New. China (prior US)
John Su
John Su Nov 08, 2020 12:00AM ET
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It is understandable the wall street like biden better as they both only care about makinf money with china (either thriugh business ir corruption). It is really funny poeple in the US can also support it.
Dietmar Stahl
Dietmar Stahl Nov 07, 2020 11:59PM ET
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Did they celebrate to pay more high taxes on their profits.All investors should pull all money and move to China, Swiss or England.
Henry Booth
Henry Booth Nov 07, 2020 11:59PM ET
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Why England?
perplexed76 .
perplexed76 . Nov 07, 2020 10:52PM ET
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"investors" would have celebrated trump victory the same. They are on "stimulus"
Napat Limboot
Napat Limboot Nov 07, 2020 10:39PM ET
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🛌
Angus Malarkey
Angus Malarkey Nov 07, 2020 8:47PM ET
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The integrity be of the process is debatable.
John Su
John Su Nov 07, 2020 8:47PM ET
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Absolutely. The biggest mail ballot in the history.
Zack Harding
Zack Harding Nov 07, 2020 8:47PM ET
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Teh Olympian Hillary, Adam? Is that you again screaming Russia?
James White
James White Nov 07, 2020 7:11PM ET
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Following the constitution Trump wins. The elites are trying to create the narrative and perception.
Юрий Шабалин
Юрий Шабалин Nov 07, 2020 7:11PM ET
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How could it be? Do you believe that vote recounting could change the result, or what?
Wrongway Whiplash
Wrongway Whiplash Nov 07, 2020 7:11PM ET
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Uneducated like the rest ..
Jan Buyle
Jan Buyle Nov 07, 2020 7:11PM ET
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Following the constitution? The constitution of Bananistan? In the US Biden won following the constitution. Get over it.
Ajay Ma
Ajmag Nov 07, 2020 4:17PM ET
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let the REP senate play a game and object on tax bill till last hour and then give up in the last minute and let Biden have his way on taxes. Then we will see how these investors will cheer. They turn on a dime when their money purse lightens come tax time. Fight on everything else but let Biden have this one win on taxes. :)
Tai Banh
Tai Banh Nov 07, 2020 4:17PM ET
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Hey Ajmag get out there here
MK MK
MK MK Nov 07, 2020 3:53PM ET
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Prices of assets depend on taxes on revenue??? Bold joke :) Look at current prices of stock, 95% of it has nothing close to fair value according to earnings
Forex Harbingers
Forex Harbingers Nov 07, 2020 3:05PM ET
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Give it a year or two. The sour taste of extreme taxes will ****the market and anybody invested. 60% capital taxes under Biden's plan. Good job on voting only because they told you to hate someone. Ignorance will be your end
Benjamin McIntire
Benjamin McIntire Nov 07, 2020 3:05PM ET
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Where u get these numbers from lmao
bryce zaremby
bryce zaremby Nov 07, 2020 3:04PM ET
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Biden will provide stability. We will see growth in infrastructure, healthcare, and sustainability. Plenty of opportunity to make money in the market. So sick of market being dictated by tweets. I am hopeful for rational moderate candidates on both sides in the future.
Jaundiced Eye
Jaundiced Eye Nov 07, 2020 3:04PM ET
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Good luck with that.  There will be MANY more tweets, this time from Sleepy Joe and his crew.  Those will be the ONLY ones Twitter will allow, once the pressure from the left-wing media gets to them.  Welcome to China Light.
Wrongway Whiplash
Wrongway Whiplash Nov 07, 2020 3:04PM ET
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Wasting your breath on these hopeless basement dwellers and trolls. The rest of us can and should be hopeful bryce, let them wallow in their contempt. A sad place to be really, and all of their own choosing.
Fabrice Lange
Fabrice Lange Nov 07, 2020 2:51PM ET
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Guy, human values and investment are not incompatible in 2020. We can help create a better world.
Benjamin McIntire
Benjamin McIntire Nov 07, 2020 2:51PM ET
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Preach...!
Alan Rice
Alan Rice Nov 07, 2020 2:33PM ET
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Unanswered Question: Can Joe reign in Big Business (Drain the Swamp)?? By winning that election. He is off to a good start. Good luck Mr.PE.
Forex Harbingers
Forex Harbingers Nov 07, 2020 2:33PM ET
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He is the swamp.
Richard Clinton
Richard Clinton Nov 07, 2020 1:40PM ET
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Investors are not celebrating a Biden victory. We’re celebrating a balance of power that prevents the Biden Harris rac plan.
Wrongway Whiplash
Wrongway Whiplash Nov 07, 2020 1:40PM ET
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Speak for yourself Richard.
Jonathan Rullman
Jonathan Rullman Nov 07, 2020 1:40PM ET
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Dems could still take the senate when 100% dem ballots magically appear in Geogia in the next few days. I hope for America’s sake that there is some semblance of a balance of power. But as they say, the “fix” is in. Sure hope Trump has as an ace in his sleeve. May not win him reelection but atleast expose fraud and start towards restoring faith in future elections.
 
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