Traders in recent weeks have been piling into bets that a “blue wave” election, in which Democrats also seize the Senate, will produce an economy-juicing blast of fresh fiscal stimulus of $3 trillion or more that carries the U.S. past the coronavirus crisis and into a more normal environment for markets.
Far from panicking at the prospect of a Biden win, Wall Street CEOs, traders and investment managers now mostly say they would be fine with a change in the White House that reduces the Trump noise, lowers the threat of further trade wars and ensures a continuation of the government spending they’ve seen in recent years.
Wall Street’s sharp drop lower on Monday as Covid-19 cases surge in the U.S. and Europe highlighted just how worried markets are about the trajectory of the virus and how dependent they’ve become on the prospect of trillions more in federal support for a struggling economy.
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Wall Street is already looking forward to the Trump crap show ending!! “As Trump warns of economic disaster, Wall Street grows giddy about Biden”https://t.co/gjYOdnxUlW
— (((DeanObeidallah))) (@DeanObeidallah) October 27, 2020