The 2000 recount was a mess. A contested election now would be much scarier for Wall Street
By Matt Egan, CNN Business – November 2, 2020
New York (CNN Business)Uncertainty is the enemy of markets. And it doesn’t get much more uncertain than a messy fight over who the leader of the free world is.
Wall Street’s nightmare scenario is that one or both presidential candidates contest the results of Tuesday’s election.
The vast majority, 83%, of portfolio managers surveyed by RBC Capital Markets believe a contested election will be either bearish or very bearish for stocks. Just 2% see that scenario as bullish.
“The biggest risk to markets is a violent response to whatever Tuesday night and Wednesday bring,” said David Kotok, chief investment officer of Cumberland Advisors. “Markets don’t like violence.”
Read the full story at CNN: https://www.cnn.com/2020/11/02/business/wall-street-contested-election-trump-biden/index.html
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Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.