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No Year-End Tax Selloff—Bush Cuts Likely to Stay: Trader

CNBC.com
Thursday, 4 Nov 2010 | 2:23 PM ET

The Republican victories in Tuesday's elections are apparently already having an impact on market mood.

Warren Meyers, DME Securities trader, told CNBC that Wall Street has a new optimism.

He said that if the Bush tax cuts are extended for all income brackets, it'll stop the previously expected year-end tax-selling of stocks.

"Everybody has been waiting for [the extension of the cuts], hoping for this to happen," Meyers said. "The fact it now looks like a reality, it's obviously very good for the economy, very good for the equity markets certainly."

More:

  • Obama Is Open to Extending Bush Tax Cuts for Everyone

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CNBC Data Pages:

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CNBC's Companies in the News:

Bank of America

Citigroup

BHP Billiton

Ford Motor

Potash

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Disclosures:

Disclosure information was not available for Meyers or his company.

Disclaimer

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