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Wall Street's worst nightmare isn't Trump or Biden. It's no clear winner at all

August 20, 2020. Summarized by summa-bot.

WASHINGTON, DC - JUNE 25: Storm clouds are seen near the White House Thursday evening on June 25, 2020 in Washington, DC. President Donald Trump traveled to Wisconsin on Thursday for a Fox News town hall event and a visit to a shipbuilding manufacturer. (Photo by Drew Angerer/Getty Images)

President Donald Trump has already declared the 2020 election the "most rigged" in American history. His opponent, former Vice President Joe Biden, has warned that Trump might not leave the White House willingly. Trump hasn't even confirmed he would accept unfavorable election results should he lose.

New York (CNN Business)President Donald Trump has already declared the 2020 election the "most rigged" in American history.

His opponent, former Vice President Joe Biden, has warned that Trump might not leave the White House willingly, and Trump hasn't confirmed he would accept unfavorable election results should he lose.

"Could several state results that are highly reliant on mail-in ballots -- and have razor-thin results -- prompt Trump to claim fraud?" Greg Valliere, chief US policy strategist at AGF Investments, wrote in a note to clients last week.

"A lack of immediate US election results this fall appears unlikely to spook capital markets," Todd Jablonski, chief investment officer at Principal Global Asset Allocation, told CNN Business in an email.

"I believe the worst outcome would be a protracted standoff around the election results," Kristina Hooper, chief global market strategist at Invesco, wrote in an email to CNN Business, although she added that it might not have a "dramatic" impact on stock prices.

Few questioned whether Bush or Gore would ultimately concede the election before Inauguration Day, but that's a distinct possibility with Trump, should he challenge the election results.

As CNN editor-at-large Chris Cillizza headlined a column this week: "The White House has stopped even pretending Trump won't contest the election results. "

And even if it does slow the recovery, a disputed election would do nothing to alter the real driver of stock prices these days: unprecedented easy money from the Federal Reserve.

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