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Instant View: Biden wins presidential race, several networks say

(Reuters) - Democrat Joe Biden captured the U.S. presidency on Saturday, several major television networks said. The news is likely to be welcomed by markets, as it could bring some certainty although President Donald Trump has not conceded, investors said.

Supporters of Democratic U.S. presidential nominee Joe Biden celebrate near the site of his planned election victory celebration after news media projected Biden as the winner of the 2020 U.S. presidential election in Wilmington, Delaware, U.S., November 7, 2020. REUTERS/Kevin Lamarque

COMMENTS

CHRISTOPHER STANTON, CHIEF INVESTMENT OFFICER AT SUNRISE CAPITAL PARTNERS LLC IN SAN DIEGO

“I think that Biden is good news for the markets.”

“We’re all so tired of the whipsaw that came with the Trump tweets.”

“I think the markets are all literally exhaling and saying ‘thank heavens we will return to a more normal environment where the White House doesn’t try to influence the direction of markets day to day.’”

“The super important part here is for Republicans to hold the Senate, because I think the markets like gridlock.”

“We’ve gone cautiously long the market indexes after the election, primarily S&P and Nasdaq.”

“The chances of Trump reversing the decision are near zero and the markets are pricing it that way.”

RICK MECKLER, PARTNER, CHERRY LANE INVESTMENTS, NEW JERSEY:

“It seemed inevitable. This is what the market anticipated, it’s what led to the rise in the last couple of days. Trump doesn’t seem like he is going to go quietly. The re-opening of the two Senate races in Georgia will create some uncertainty in the government and the focus will shift to that. It’s not the end of the process and we are going to have to wait for the end of the Senate races. The market is pretty sanguine about (the lawsuits) unless they somehow manage to unearth proof to support their claims. Trump has shown a lot of bluster before without necessarily following up. For the market, if the stimulus is going to be delayed until January, it will kick some of the enthusiasm from the market.”

DAN MOREHEAD, CEO, PANTERA CAPITAL, MENLO PARK, CA

“A divided government – Democratic White House, Republican Senate – would likely result in more pressure on the Federal Reserve to expand their balance sheet. This money printing will inflate the price of things whose quantity cannot be eased – like gold, #bitcoin, real assets.”

MIKE CALHOUN, PRESIDENT, CENTER FOR RESPONSIBLE LENDING:

“Any new administration must offer quick solutions to the uneven recovery that is falling disproportionately on Black and brown communities and other low-wealth families.

“Eliminating abuses in the financial services sector, including housing discrimination, harmful overdraft fees, and debt trap loans are necessary to help close the persistent racial wealth gap and must be top priorities no matter who wins the election.”

ROBERT WOLF, FOUNDER, 32 ADVISORS, NEW YORK, NY:

“I am ecstatic, relieved and deeply hopeful for the future of this country under the Biden- Harris administration.”

Compiled by the Global Finance & Markets Breaking News team

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