The news is likely to be welcomed by markets, as it brings some certainty, although President Donald Trump has not conceded, investors said.
COMMENTS
BILLY WEBER, CEO, CHECKPOINT CAPITAL, TEXAS
“The equity markets love gridlock. Since election day on Nov. 3, the obvious decision the markets have made is to anticipate ongoing gridlock, as it is expected the Senate will remain in Republican control.
“As we march forward, it is anticipated that the equities market will begin to take profits accordingly. Combined with the weak dollar, it is anticipated that risk-off trade will result in lower yields in U.S. Treasuries.
“There is a question mark as to whether we will see a stimulus package between now and the end of the year and what the scope of it will be.”
NIGEL GREEN, FOUNDER, DEVERE GROUP, DUBAI
“Biden will deliver a boost to global stock markets and the U.S. and world economy. Although a Biden win was pretty much priced-in by the markets, his victory will eliminate uncertainty – which they loathe – and they will rally further as a result.
“Even possible legal challenges from Trump will be dismissed by investors who will instead be focusing on the renewed certainty and stability that a Biden White House will bring, including in key areas such as trade tensions with China, keeping the U.S. in the World Health Organization, resigning the Paris climate agreement, and abiding by other international agreements and long-standing international allies.”
JASON WARE, CIO, ALBION FINANCIAL GROUP, SALT LAKE CITY, UTAH
“All things equal, it would seem that this would a positive for stocks.
“The next focus is the Senate, we haven’t got away from election uncertainty yet. The probabilities suggest we will have Republicans retain control and that is in part I think why we had markets were in rally mode this week.
“We could get more stimulus probably with Biden than Trump, maybe infrastructure down the road, trade wars go away basically Day 1… But (if we have) the GOP in the Senate, (it) tamps down the likelihood of large tax increases.
“I’ve thought about the idea that if Biden wins, given Trump’s temperament, what would he do on the way out if he feels really burned by voters?
“Investors need to be prepared for some volatility. There is certainly a risk to stock prices if we get bad tweets.”
JIM AWAD, SENIOR MANAGING DIRECTOR, CLEARSTEAD ADVISORS LP, NEW YORK
“Trump is going to fight for a few weeks. That’s going to be a little unsettling for markets. But most commentators believe Biden will prevail, that the election is over, and the Senate is going to have to compromise.
“Markets are going to like it because Biden is not going to go too far…
Read more:Instant view: Biden wins presidential race, several networks say | MarketScreener
