Markets rallied last week as the national vote count seemed to indicate this result. Over the weekend, after the race call for Mr Biden, some analysts said they expected more gains on the peaceful completion of the voting process and watch for a rise in company shares. Mr Biden’s policy should benefit – including green energy companies, producers of virus testing equipment and labs, and those in the infrastructure industry.
Mr. Biden has garnered substantial financial support from financial sector donors (around $ 74 million, according to figures compiled by the Center for Responsive Politics, which overshadowed Mr. Trump’s support for those donors by a factor four for one), and some expressed their enthusiasm for their candidate.
“President-elect Biden offers tremendous experience, a steady hand and an unmatched ability to overcome obstacles,” said Jon Gray, president of giant investment firm Blackstone Group.
Other reactions from Wall Street after the election call were more measured.
Ken Griffin, the billionaire founder of Citadel, said he was “relieved that there is no social unrest”, David Solomon, CEO of Goldman Sachs, and George Wallace, who heads Neuberger Berman, both stressed the challenges Mr. Biden faces. countries in pandemic and economic crisis. Bill Ackman, who heads the hedge fund Pershing Square Capital Management, meanwhile, called President Trump “Graciously concede and call for the unity of all those who have supported you”.