When Joe Biden won the presidential election, investors largely cheered. Historically, Democrat presidencies bring hefty government spending and new waves of growth for the economy. Given that the pandemic and its effects are still raging, a shot in the arm via stimulus is certainly needed. However, the presidential election wasn’t the only race being fought on election day. Several states also held their Senate and House of Representatives races.
This is where investors grew a bit concerned.
Thanks to close vote tallies in Georgia, two key Senate seats were up for grabs, potentially flipping the Senate majority and control to the Democrats. It’s a scenario that Wall Street had previously considered. With the election in Georgia now called, the scenario has come to fruition. For investors, full Democrat control of the House, Senate, and Presidency could mean a different playbook for years ahead.
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