From Tech to Pot, Stocks Get $2.6 Trillion Election Boost
- Split Congress potential offers ‘sigh of relief’: strategist
- More spending likely, yet concerns about higher taxes abating
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It’s an outcome that would meet some of Wall Street’s best-case scenarios: U.S. stocks posted their best week in eight months with a $2.6 trillion boost in value as sectors from tech to cannabis got a lift ahead of Joe Biden’s victory and a potential Republican Senate.
A Biden win and a split government seemed poised to lead to a rise in fiscal stimulus, while damping investor concerns about higher taxes and much tighter regulation. Biden defeated Donald Trump to become the 46th U.S. president based on the vote count early Saturday, unseating the incumbent with a pledge to unify and mend a nation reeling from a worsening pandemic, faltering economy and deep political divisions.