Chart - Z1P, page-1329

Not from what I'm reading.

The Australian

For the Wall Street share traders it almost seemed like a perfect election result. That’s why the American market rose so strongly in its first session after the election, climbing more than 2 per cent.As the day’s trading proceeded, it became increasingly clear that, although there was no certainty, Joe Biden was likely to become the 46th president of the United States. A long stalemate – the biggest risk to Wall Street – was becoming less likely. Wall Street wanted Biden to win because he promised to spend a lot more money than Donald Trump. That would trigger a huge stimulation of the economy, but more importantly would flood the US with cash, much of which would end up in boosting asset prices like shares.

But in the pre-election opinion polls Biden was set to win by a big margin. And that meant that the Democrats would almost certainly control both houses of Congress. In turn, a whole series of anti-business measures that were being proposed by the left wing of the Democratic party were likely to pass the Senate. And those measures included corporate tax increases.

But President Trump attracted many more votes than the opinion polls had predicted, which meant that the Senate would almost certainly remain in Republican hands.And, as Wall Street saw it, given the animosity between the two parties Republicans in the Senate would stand firm against much of the anti-business legislation – perhaps including tax rises – wherever they could. That scenario stimulated the buying momentum.And there were two other developments that also gave the market more confidence and boosted the big drivers of Wall Street: the hi-tech stocks.