Post Election Rally - Wall Street Like Gridlock
 

The Dow was up 300 and the NASDAQ had its best single day rise ever the day after the 2020 election. Why?

https://www.cnbc.com/2020/11/04/elec...lose-news.html

“Markets are reacting very positively to the fact that a great deal of the election uncertainty has passed. Not all of it, but at least the worst outcomes seem to have been avoided. Markets hate uncertainty, and this is likely to be a tailwind for a while,” said Brad McMillan, chief investment officer at Commonwealth Financial Network.

Even with the president-elect unclear, stocks rose broadly during Wednesday’s trading session as hopes for a blue wave in Congress dwindled, which some argued would have been a headwind for areas of the market including Big Tech.


Watching CNBC this morning, a number of analysts have repeated these themes:

- No blue wave
- Tax policy should remain largely unchanged
- No advancement of the far left agenda (Joe Lieberman is speaking right now on CNBC and expressing some relief about this and would look for a Biden presidency to have a Cabinet of moderates)
- No legislative attempts to "reform" on big tech
- No structural changes to the SCOTUS

In other words, stocks think it'll be pretty quiet with limited legislative fireworks. That's not a bad thing.

Biden is status quo.

And stocks don't think. ;)

Management company owned by Jared Kushner files to evict hundreds of families as moratoriums expire
White House adviser’s company, Westminster Management, and other landlords prepare to remove tenants behind on rent during the pandemic.

https://www.washingtonpost.com/busin...er-management/

Renters, typically, don't own stocks.

Damned pigeons! :cool:

It doesn't take long for Chicks to enter a thread and try to change the topic. :rolleyes:

Why am I not surprised that Whell can't grasp the obvious relevance? :rolleyes:

You're right. I can't. Maybe you can help me understand how, in a thread about Wall Street's view of futures in a post-election economy, inserting a news article about Jared Kushner's property management company starting legal processes for evictions is relevant.

Because it's business related and about Trump's 'criminal' family. And don't forget, Chicks made a killing in the market so he has insight that you and I don't. He also is deflecting from a reality that doesn't mesh with what he's selling.

If you don't own stocks you can't participate in the post election rally.
If you don't own stocks you don't matter to tRump and the boy prince.
If you don't matter to tRump and the boy prince they don't care if you get kicked out on the street.
It's a stretch but there it is, sort of.

That would be a deflection.

No it isn't.

Yes it is.

Although even if you understood how it is, you would claim it isn't because it would go against your narrative.

Ah, I am either deficient in understanding, or less than honest in my narration.

Thank-you for your analysis.

https://i.pinimg.com/originals/50/ff...cba000ecc4.jpg

I know renters who have retirement plans. They are interested in how the markets are doing. The couple of renters I do know that are worried about eviction were never un(der)employed and chose to defer their rent to blow money because they could, not because they needed to. Now it is biting them in the ass. May not be "typical", but it is what I see.

Only if you're an either/or type of thinker.

Knowing you're pissed doesn't take much, if any, urinanalysis. After all, you recently told us just this on another thread.

Write it all down, in complete detail, and then send it to someone who cares.

Write what 'it' all down? In addition, PC is an open forum. So, if you don't care, don't read. :)

This proves nothing more than the fact that Trumps presence is not required. The nation will be fine without that stupid bastard polluting the Oval Office.

Exactly. The DOW just popped over 30K the minute PA certified for Biden. No more grift, no more incompetent fools in the WH, adults are soon to be back in charge. THAT'S what's driving the markets.

Deadbeat Donny Emerges to Tout Gains in Stocks Driven by Biden Transition

https://www.bloomberg.com/news/artic...den-transition

:rolleyes: Hey, Donny, it has NOTHING to do with you, except for the glorious fact that you're toast. LOSER!!!!!!!

Ding dong!!!

Heather Cox Richardson
November 24, 2020 (Tuesday)

The stock market, which has been strong thanks to the good news about coronavirus vaccines, jumped to a record high today on news that President-Elect Joe Biden is planning to nominate Janet Yellen to head the Treasury Department. She will be the first woman to lead the department, and is considered an especially strong pick, particularly at this moment. Yellen is a labor economist and monetary policy expert who cares deeply about issues of inequality, and is respected by members of both parties. She served as the Chair of the Federal Reserve from 2014 to 2018, and headed the White House Council of Economic Advisers under President Bill Clinton.

Yellen’s strong piloting of the Federal Reserve won her support on Wall Street, while she is also popular with labor interests: many analysts credit her with the strong labor market of the Obama years that continued until the pandemic. Former Goldman Sachs executive Gary Cohn, who advised Trump on economic policy, tweeted that Yellen “is an excellent choice…. [S]he will be the steady hand we need to promote an economy that works for everyone, especially during these difficult times.” Senator Elizabeth Warren (D-MA), known as a progressive, tweeted that the choice of Yellen is “outstanding…. She is smart, tough, and principled…. [S]he has stood up to Wall Street banks….”

Yellen’s expected nomination is yet another Biden pick that emphasizes stability and a return to a government to which Americans had become accustomed before Trump’s election. The Biden-Vice President-Elect Kamala Harris administration appears ready to use the government to help ordinary Americans.

That return to our traditional position appears popular among financial markets as well as with ordinary voters. The Dow Jones industrial average jumped with the Yellen news, but it had topped 30,000 earlier, shortly after Pennsylvania certified its votes for Biden. Investors like political stability. Trump’s erratic behavior threatened to make business success depend not on ability but on political favoritism, which business leaders actually don’t like because it enables a political leader to pick winners and losers. Recently, the president’s attacks on our democratic system have undermined confidence so that Biden’s certified win was a relief (although later in the day Trump tried to take credit for the stock market high).

Yesterday, officials at General Motors noted that the Trump years had made the government lag behind popular opinion. They abandoned their former support for Trump’s rollback of emissions standards and sided with California in its quest to modernize our automotive fleet. CEO Mary Barra wrote to leaders of environmental groups, saying: “We believe the ambitious electrification goals of the President-elect, California, and General Motors are aligned to address climate change by drastically reducing automobile emissions,” she wrote. “We are confident that the Biden Administration, California, and the U.S. auto industry, which supports 10.3 million jobs, can collaboratively find the pathway that will deliver an all-electric future.”

The outgoing Trump administration is not taking the rejection of their policies lying down. It appears officials are trying to use their last months in office to undermine Biden and Harris, making sure they enter office with crises at hand and a limited number of options for dealing with them.

As coronavirus roars across the country, the administration remains committed to the idea of simply letting the virus take its toll until vaccines are available. Vice President Mike Pence, the head of the White House Coronavirus Task Force, briefed reporters last Thursday for the first time since July, assuring them that while infection rates are rising, “[W]e approach this moment with the confidence of experience. We know the American people know what to do.”

In the last week, the United States has seen 1.2 million new infections, bringing our total to more than 12.5 million. We are approaching an official death count of 260,000, and are losing about 1500 people every day. Doctors in Utah are having to ration care; Minnesota, Kansas, and Missouri are short of beds in intensive care units; Texas had to mobilize 36 National Guard personnel to help clear an overflow of bodies at the El Paso morgue.

Dr. Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases, warns that fatalities could get worse. “Two to three thousand deaths a day times a couple of months, and you’re approaching a really stunning number of deaths," he told Yahoo News. But, he noted, “It isn’t inevitable…. We can blunt the curve” by wearing masks, washing hands, and social distancing until the newly announced coronavirus vaccines are widely available.

And yet, Republicans continue to downplay the dangers of the virus, although 8 of the 53 Senate Republicans have themselves tested positive for it. Last week Senator Ted Cruz (R-TX) called a request from Senator Sherrod Brown (D-OH) that another senator wear a mask to protect nearby staffers “idiotic” and “an ostentatious sign of fake virtue.”

More than 125 economists this week wrote an open letter calling for a new coronavirus relief package to tide the country over until coronavirus vaccines can stem the economic crisis, especially as measures passed back in March will expire with the end of the year. They are simply echoing the many calls for such a measure, including ones from Trump-appointed Federal Reserve Chair Jerome Powell. But while the Democratic-controlled House of Representatives passed a new $3 trillion bill back in May, Senate Majority Leader Mitch McConnell has declined to take it up, and has not been able to bring Senate Republicans together to back their own version. Now, he has sent senators home for Thanksgiving without taking up a bill.

Today negotiators for the House and Senate hammered out a deal to keep the government funded past the December 11 shutdown date, but while Democrats still remain hopeful they can include coronavirus relief measures in the package, Republicans are pessimistic.

Last week, Treasury Secretary Steve Mnuchin went further to divorce the government from supporting the economy in this perilous time. He announced that he was suspending the Treasury’s lending powers at the end of the year, taking away a crucial backstop for businesses and local governments. He is also clawing back from the Federal Reserve about $250 billion appropriated under the original coronavirus relief bill in an apparent attempt to keep it out of the hands of the Biden team. That money will go back to Congress, which would have to reappropriate it in another bill to make it available again, which the Republican Senate shows no sign of being willing to do. Republicans have expressed concern that the Biden administration could use the appropriated money to bail out states and local governments, which by law cannot borrow to tide them over.

The U.S. Chamber of Commerce objected strongly to Mnuchin’s actions. In a public statement, it said: ““American businesses and workers are weary of these political machinations when they are doing everything in their power to keep our economy going. We strongly urge these programs be extended for the foreseeable future and call on Congress to pass additional pandemic relief targeted at the American businesses, workers and industries that continue to suffer. We all need to unite behind the need of a broad-based economic recovery.”

David Wilcox, who holds a PhD in Economics from MIT and is the former chief economist for the Federal Reserve, was blunt. He told journalist Ambrose Evans-Pritchard, “The most obvious interpretation is that the Trump administration is seeking to debilitate the economic recovery as much as possible on the way out of the door.”

This is why Yellen’s nomination is being greeted with such relief. Observers expect her to back government spending to address the devastating effects of the coronavirus on the economy, while her background in monetary policy will help her craft a coordinated response between the Federal Reserve and the Treasury Department.

Yellen Ending Trump Dollar Tumult Promises Cheers in Markets

https://finance.yahoo.com/news/yelle...172313899.html

...and if the two utterly corrupt GA Repube senators are defeated, the markets will LOVE it.

Biden is forming a business-friendly administration

https://finance.yahoo.com/news/biden...195354255.html

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

https://www.reuters.com/article/us-u...-idUSKBN29L0QW

Once again, the idiot know-nothing OP is completely wrong. What a surprise! :rolleyes:

Ben White @morningmoneyben

Trump said if Biden won "the stock market will crash." The stock market had other ideas.

https://pbs.twimg.com/media/EsHqjhKW...jpg&name=small

11:55 AM · Jan 19, 2021·Twitter Web App

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Poor Whell. :D

Markets hit record highs amid Biden's Inauguration Day

https://finance.yahoo.com/news/stock...231728187.html

ROFL. Idiot OP. So much for "Wall Street Like[s] Gridlock". :rolleyes:

Market hate uncertainty and volatility.

Crave stability!

In other words boring......