Donald Trump as president would be better than Joe Biden for the stock market: strategist via YahooFinance
With 141 days until the presidential election, Wall Street strategists are starting to weigh in on who would be better for investors: the socially divisive President Donald Trump and his favorable corporate tax policies or a consoler in chief in Joe Biden with his likely higher tax structures.“From a stock market perspective, President Trump would be better,” Stacy, who is director of strategy at Optimal Capital, said on Yahoo Finance’s The First Trade.
At least at the moment, however, thoughts of a heated presidential election are playing backseat to the here and now. That here and now includes a market that has oddly rallied 45% off the March lows despite record job loss due to the COVID-19 pandemic. But the optimism has begun to wear thin with COVID-19 cases starting to spike again in key states as economies open back up.
“A record run, over-the-top excitement from small traders, the Nasdaq at 10,000, historically high multiples, and seasonality all could be a factor in why a pullback here could be perfectly normal,” wrote strategists at LPL Financial. “In fact, if you are bullish, after a 45% rally, one of the best things would be for prices to reset some here over the coming months. We would be a buyer of weakness and use it as an opportunity for longer-term price appreciation.
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