Who's Afraid of the Big Blue Wave? Not the FANGs
Robin Hood and the whale are the more significant figures in this modern market fairy tale.
Don’t fear the wipeout.
Photographer: RODGER BOSCH/AFP/Getty Images
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It’s hard to say that the stock market is running scared of a Joe Biden presidency on the latest evidence. Monday saw the former vice president’s lead over Donald Trump in polls of polls top 10 percentage points for the first time. Justified or not, there is a growing sense of certainty that in three months there will be a new U.S. president. This will bring a fresh commitment to raising corporate taxes and increasing regulation, from a party with many politicians who want to split up the large tech companies, which they see as overmighty. So of course the Nasdaq had its best day since April: