Joe Biden ‘s victory is good news for investors and industry executives in the United States. Recently, the stock market has been full of uncertainty and volatility. Thus, the presence of Joe Biden is a boom for the market.
“Biden is good news for the market,” said Christopher Stanton, chief investment officer of Sunrise Capital Partners, Saturday (7/11), quoting from Reuters.
“We are all very tired of the market fluctuations that come with Trump’s tweet,” he said.
Wall Street recorded positive gains this week
This week, Wall Street made its biggest weekly gain since April 2020. It is thanks to investors betting that Biden would win and the Republican Party would keep senate control.
However, there are lingering risks to asset prices in the days and weeks ahead.
Republicans have filed several lawsuits over the tally of votes and Trump will file suit against the US election process.
The senates who fill the cabinet are also the focus of investors
Investors’ focus is now turning to the US Senate. Investors are restless on the people Biden might appoint into his cabinet. Some of those officials will negotiate with the US Congress on aid packages and have extensive powers to draft Wall Street rules.
Many voters expect a decisive election that will offer peace of mind, no matter which candidate they choose.
Mohamed El-Erian, Allianz Group’s chief economic adviser, hoped the Biden administration could work with the US Congress to tackle the pandemic and authorize an economic stimulus package for struggling Americans.
“These countries need to come together to deal with a surge in Covid infections that risk the loss of more lives, greater disruption to livelihoods, and long-term economic, institutional and social scarring,” he said.
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