Wall Street Glad To Be Free Of Trump's Tweets Following Biden Win

The win by Joe Biden and Kamala Harris is getting a warm reception by investors, after media outlets announced the Democrats' win in the U.S. presidential race on Saturday.

What Happened: Markets have experienced their best week since April following Election Day. Although the tax plan proposed by Biden has not been embraced, investors and prominent Wall Street figures have been expressing support and called for the country’s unity after today’s announcement.

Jim Awad, senior managing director at Clearstead Advisors, expressed assurance over a Biden presidency, saying “markets are going to like it because Biden is not going to go too far left. It’s going to be a centrist government, not a government by tweet.”

Jason War, chief investment officer at Albion Financial Group, warned that “investors need to be prepared for some volatility.” 

“There is certainly a risk to stock prices if we get bad tweets. The good news is that it would be short-lived and we are changing hands to someone who I believe is a lot more capable," he said.

Jamie Dimon, the CEO of JPMorgan Chase JPM, said in a statement, “Now is a time for unity. We must respect the results of the U.S. presidential election and, as we have with every election, honor the decision of the voters and support a peaceful transition of power.”

Why It Matters: President Donald Trump has not been happy with the results and has been tweeting throughout the week, urging polls to “stop the vote,” questioning the counting system in different states as well as mail-in ballots, and claiming without evidence that independent observers were not allowed to the polling stations.

Trump also said his legal team was prepared to dispute the election results. Reuters reported on Friday Republicans have already filed a number of lawsuits and had been attempting to raise $60 million to fund them.

Chief investment officer at Sunrise Capital Partners, Christopher Stanton, said on Saturday that “Biden is good news for the markets. We’re all so tired of the whipsaw that came with the Trump tweets.”

Image Source: Official Instagram account of Joe Biden