Strategist Who Predicted 2016 Sees a Republican Midterm Sweep Due to Strong Economy
Wall Street strategist Mark Grant predicted Donald Trump’s Y 2016 victory, he now sees a Republican midterm sweep thanks to the strong Trump economy.
“The reason is there is a tremendous amount of people that have been helped by this economy. They have jobs, their wages have gone up, they’re living better, and they don’t want to jeopardize it,” he said in a cable TV news interview.
Mr. Grant is chief global strategist at investment bank B. Riley FBR
“From a market perspective, I am hopeful Republicans maintain control of both the House and the Senate,” said Mr. Grant, who argued that Democrats winning the House, or winning the House and the Senate, would put President Donald Trump’s economic agenda at risk, which could stall this longest in history Bull market.
On the morning of Election Day 2016, Mr. Grant said investors would be smart to buy stocks in the event of a Trump surprise, and he had been saying ahead of the voting that Trump could win.
US stocks rose Tuesday, as strong earnings and easing of trade tensions lifted materials and industrial sectors, but trading volumes were light as uncertainty about the outcome of US midterm elections kept investors on the sidelines.
Financial markets are bracing for President Donald Trump’s Republican party losing control of the House of Representatives, while retaining the Senate.
A political gridlock between the White House and Congress could hinder Trump’s pro-business agenda and raise concerns about political instability, but most analysts say this may not be the worst outcome for the stock market.
Many fear that there could be a sharp selloff in the market if the Democrats sweep both the House and the Senate. In contrast, stocks may rally on hopes of more tax cuts if Republicans retain control of the House..
“If the Republicans win, the market is not going go down, the market is going to go up!”
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