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After four years of Trump, 'Sleepy Joe' sounds just fine to Wall Street

November 6, 2020. Summarized by summa-bot.

A view of the New York Stock Exchange (NYSE) is seen on November 4, 2020 in New York. - Wall Street stocks were in rally mode Wednesday, shrugging off uncertainty over the still-unresolved presidential election and the likelihood of divided government in Washington.The Dow Jones Industrial Average was up 2.0 percent, or about 560 points, at 28,041.28 at around 1530 GMT, (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)

During the 2020 campaign, President Donald Trump sought to undercut Joe Biden's popularity by calling him "Sleepy Joe." But on Wall Street, a return to stability and predictability in Washington -- which the industry expects Biden would bring -- would be welcomed.

New York (CNN Business)During the 2020 campaign, President Donald Trump sought to undercut Joe Biden's popularity by calling him "Sleepy Joe. " But on Wall Street, a return to stability and predictability in Washington -- which the industry expects Biden would bring -- would be welcomed.

If the presidency goes to Biden, a conventional politician with 40 years of experience in Washington, he is expected to govern with the kind of steadiness that investors crave.

"Investors spent the last four years one tweet away from major market moves," said Ed Mills, Washington policy analyst at Raymond James.

"The market is pricing in a split government: a Biden victory and a Republican majority in the Senate," said Mills.

"When we were in the throes of the tariff wars, we saw significant volatility," said Kristina Hooper, chief market strategist at Invesco.

"The stock market almost became immune to the tweets and came to accept that as just part of the current president's governance style," said Hooper.

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