Wall Street investors are increasingly confident in a victory for Democrat presidential candidate Joe Biden, Axios reports, as they cheer a “blue wave” on November 3 against President Trump.
A report by Axios’s Mike Allen titled “Wall Street feels bullish on Biden” notes analysis by a number of the nation’s largest banks that suggests financial investors are looking to a Biden victory, with his running mate Sen. Kamala Harris (D-CA), for a return to an economic status quo.
Joe Biden’s widening lead in polls is providing a bullish cue to investment strategists: Wall Street now sees less chance of a contested election and more chance of a “blue wave” — Democrats taking the House, Senate and White House — and the hearty stimulus that could follow. [Emphasis added]
As mentioned, analysis by JPMorgan Chase stated that Biden’s “multilateral approach” to trade with China would provide more stability for Wall Street investors over Trump’s “America First” agenda on trade.
Likewise, analysts with Goldman Sachs are cheering a blue wave in the November 3 election citing, “easier U.S. fiscal policy” if Democrats control the House, Senate, and White House. Meanwhile, economists with Moody’s Analytics say Biden’s plans for more immigration and more free trade will boost GDP.
In recent months, Wall Street and nearly all of the nation’s biggest banks have lined up support for Biden and Harris against Trump’s economic nationalist agenda. Harris touted Wall Street’s support in a vice presidential debate this month.
Biden’s campaign has raked in nearly $280,000 from Goldman Sachs employees. Trump has taken less than $9,000 from Goldman Sachs employees this election cycle.
JPMorgan Chase employees have given three times as much campaign cash to Biden as Trump. Biden has taken nearly $380,000. Employees with Moody’s Corporation and Moody’s Analytics have donated thousands of dollars to Biden this election cycle. None have donated to Trump.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.