The markets priced in a Barack Obama victory on Tuesday, and that is what they got.
Obama was elected the 44th president of the United States just after 11 pm ET, according to NBC News.
Investors Price In Obama
Investors may have been more accepting of an Obama win, said Clark Yingst of Joseph Gunnar, because of the people the Democratic nominee has surrounded himself with: “I think as investors have had more exposure to Obama, and more specifically his circle of economic advisors which reportedly include the likes of Buffett, Volcker, Summers, etc… less concern about what he just might do if in fact he wins the White House with Democratic control of the Congress and the Senate I think there is less concern about that going forward."
Altnerative energy, for instance, was particularly bullish on an Obama victory.
"Renewable energy stocks have been hot over the last 48 hours," said Jon Najarian, OptionMonster.com. "They’re partially responsible for the run.”
Market watchers also forecasted that the infrastructure and automotive sectors would benefit regardless of tonight's outcome.
“The one belief that there is out there is that there’s some kind of other spending stimulus package going on,” Pisani said. “I heard numbers as high as $300 billion and everyone seems to think that there’s going to be an enormous play around in infrastructure. There were proposals floating around the last several days—to have some kind of stimulus package for the auto industry in addition to being able to use the TARP program.”
Race for the White House
The votes were still being counted, with Barack Obama pulling away from McCain, but CNBC's Larry Kudlow said earlier in the evening that McCain could still win if he could take Indiana, Ohio, Florida, Virginia, Missouri and North Carolina. (Watch the video.)