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A Joe Biden win and GOP holding the Senate could be a nightmare scenario for stocks

September 15, 2020. Summarized by summa-bot.

NEW YORK, NEW YORK - SEPTEMBER 11: People walk by the New York Stock Exchange (NYSE) near One World Trade Center, the Freedom Tower, in lower Manhattan during commemoration ceremonies for the September 11, 2001 terror attacks on September 11, 2020 in New York City. Hundreds of people have gathered for the 19th anniversary of the event at Ground Zero to remember the nearly 3,000 who were killed on that day. But this year, due to COVID-19 pandemic restrictions, only family members are allowed to gather at the 9/11 Memorial plaza. There will also not be an in-person reading of the victims??? names at the memorial and instead there will be a pre-recording of names by family members broadcast throughout the plaza and live-streamed online. (Photo by Spencer Platt/Getty Images)

The stock market surge since March has taken place even as Joe Biden has built a lead against President Donald Trump in many polls. That has led some to suggest that Wall Street would not panic if Biden is elected.

New York (CNN Business)The stock market surge since March has taken place even as Joe Biden has built a lead against President Donald Trump in many polls.

And in the case of either a red wave (the status quo with Trump and Senate retaining control) or a blue wave (Biden and Democrat majority in Senate), Winograd thinks that Congress would increase the government's spending.

Winograd concedes that a rollback of Trump tax cuts under Democrats could be problematic in the near-term for stocks, but increased infrastructure spending in a Biden presidency could offset that.

According to a Hartford Funds survey of nearly 1,000 investors conducted last month, 46% said a GOP-controlled White House and Senate would be best for the markets.

Brian Kraus, head of investment consulting at Hartford Funds, said 32% of those polled felt that the markets would fare best if Biden won and the Democrats took the Senate.

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