Pre-Election Rally: Market Pros Sound Off
As unprecedented numbers of voters cast their ballots on Tuesday, the markets also priced in a candidate, market pros told CNBC.
Relief on Wall Street
"The market was certain that Obama is going to win, whether that's good, bad or indifferent. High taxes is not necessarily the best thing of all for a stock market, but the fact that it's over, everybody felt relief."
Dennis Gartman, "The Gartman Letter"
Market’s Nausea Eases
“The market had factored in a recession, the near seizure of the financial markets of an election probably won by Mr. Obama. At some point, almost like a teenager who had too much too drink, the different waves of nausea had gone through the market and after a while quiet sets in and some … fundamentals begin to become very apparent and opportunistic investors begin to come off the sidelines.”
George Ball, Sanders Morris Harris Group
Pricing In A Candidate
“If the democrats get 60 seats in the Senate, the market's not going to be happy tomorrow.”
Paul Schatz, Heritage Capital
“The market actually performs better under Democratic administrations than under Republican administrations, so you would think that might lead to the market getting excited when a Democratic candidate jumps into the lead, but that’s not what has happened in the past.”
Jeffrey Born, Northeastern University Professor of Finance
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