U.S.

Big Business and Wall Street aren't afraid of Joe Biden

November 1, 2020. Summarized by summa-bot.

Democratic presidential candidate former Vice President Joe Biden speaks at a drive-in rally at the Florida State Fairgrounds, Thursday, Oct. 29, 2020, in Tampa, Fla. (AP Photo/Andrew Harnik)

Corporate America has reaped the benefits of a Trump presidency that produced lower taxes and regulations. But Wall Street and business leaders are just fine with former Vice President Joe Biden, with some prioritizing a steady set of hands after the turmoil of the Trump era.

London (CNN Business)Corporate America has reaped the benefits of a Trump presidency that produced lower taxes and regulations.

But Wall Street and business leaders are just fine with former Vice President Joe Biden, with some prioritizing a steady set of hands after the turmoil of the Trump era.

Watch this space: Last week, the powerful Business Roundtable lobby, together with groups such as the US Chamber of Commerce and the National Association of Manufacturers, put out an unusual statement urging Americans to "support the process set out in our federal and state laws and to remain confident in our country's long tradition of peaceful and fair elections. "

Still, it's notable that Biden has gained acceptance in the business and investing world in a race against the CEO president, who presided over significant stock gains in 2017 and 2019.

A UBS survey of 500 business owners and 1,000 investors conducted in mid-October found that 55% of business owners wanted Trump to win, while 51% of investors were backing Biden.

Either Biden or Trump will confront an economy struggling to dig itself out of a deep, dark hole — a top challenge for the next president alongside managing the pandemic.

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