Trump or Biden? Stimulus in the cards anyways
Stocks had their best election day since 2008
Whether it's President Donald Trump or former Vice President Joe Biden who takes 2020, investors are betting more stimulus is a sure thing.
"Regardless of who wins the White House, either Trump or Biden, you're getting large stimulus," said BNY Mellon Investments chief strategist Alicia Levine during an appearance on FOX Business.
This as U.S. stocks registered their best election day performance on Tuesday as voters turned out in one of the most heated elections in U.S. history.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38675.68 | +450.02 | +1.18% |
| SP500 | S&P 500 | 5127.79 | +63.59 | +1.26% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16156.328018 | +315.37 | +1.99% |
The Trump administration and Senate Republicans have been in discussions with Nancy Pelosi-led House Democrats about another stimulus deal for months, but those talks came to a stalemate days before the election.
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The Speaker and Treasury Secretary Steven Mnuchin also duked it out late last week over sticking points.
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Democrats were insisting on at least a $2.2 trillion stimulus bill, but if Biden wins and Democrats control both chambers of Congress, a stimulus package could be north of that number early next year.
If Biden wins, but Republicans maintain control of the Senate, then Republicans will likely talk Democrats down to a smaller deal.
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President Trump predicted last week as talks were falling apart that if he wins and gets a second term, America will "get the best stimulus package you've ever seen."
With surging coronavirus cases threatening new lockdowns, whoever is elected President will have to pass some form of stimulus.
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"Whether the President is reelected or Joe Biden becomes the president, in the first minute of their next iteration that they are in office, they've got to get control of that virus," Austan Goolsbee, former Chair of the Economic Council of Advisers to President Obama, told Dan Loney on SiriusXM Tuesday.
"The second is until we get control of the virus, they will have to pass some more relief, otherwise we are going to ram into a whole second-speed bump.”
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