CNN business correspondent Alison Kosik said it is becoming increasingly clear that Wall Street prefers a Hillary Clinton victory on Election Day because of the “fatter portfolio” her win would bring about.
The S&P 500 is on its worst losing streak in five years, closing in the red for seven straight days. Reports cite unease over the tightening presidential race and falling oil prices as the causes.
“There’s definitely been a mood change here, and it isn’t a good one,” Kosik said. “It is becoming more apparent Wall Street prefers a Clinton win, because it could mean a fatter portfolio.”
Kosik reported analysts are anticipating stock market gains if Clinton wins, while predicting a “nosedive” if Trump pulls an upset.
Clinton has faced charges from the left flank of the Democratic Party of being too cozy with Wall Street interests, with critics citing her highly paid speeches for big banks like Goldman Sachs.
ALISON KOSIK: You think you’re uneasy about who’s going to win the election? Just look at Wall Street. As the polls get tighter between Hillary Clinton and Donald Trump and since the news came about the FBI looking into new emails as part of its investigation into Clinton’s personal email server, we have watched stocks fall. You look at the S&P 500. Yesterday, it closed at its lowest level in four months and closing in the red for the seventh day in a row. So there’s definitely been a mood change here, and it isn’t a good one.
It is becoming more apparent Wall Street prefers a Clinton win, because it could mean a fatter portfolio. If she wins, Macroeconomic Advisers is predicting a two-percent gain on the S&P 500, because she’s a known commodity. I know it doesn’t sound like much, but it is better than the expected market nosedive that’s predicted if Trump wins. Those analysts are predicting stocks will tank eight percent if Trump wins, because he’s so unpredictable. Brookings Institution, it puts the losses even bigger, predicting a 10-to-15 percent dive.
But no matter who wins, I say buckle up for the day after the election because, Carol, history shows it’s usually a rocky one with stocks falling one percent. So get ready.
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