WHEELING, W.Va. (WTRF) — With tensions high throughout the country, how is the economy reacting to the election debacle?
Well, across the board the stock market has spiked this week – Right before Tuesday night the Down Jones Industrial Average was up over 1,000 points, and 600 points the day after.
A financial advisor in Wheeling says this is mainly because Republicans managed to hold the Senate, keeping a balance of power in the Democratic House. These checks and balances mean you won’t see massive tax cuts, or legislation changes over night, making the market less extreme.
But still, Trump has prided himself on upholding the economy… And many fear more taxes are coming their way if Biden becomes president… But the financial advisor says the market doesn’t share the same concerns.
People worry more that he’s going to raise taxes and things like that, but with a Republican Senate, that would naturally be more difficult for him – So, you’d have a more balanced electorate. But the thing with Trump, he’s a bit more volatile, than Biden, with all the tweeting. So, I think the market would like to see somebody a little less volatile.Jason Haswell, Financial Advisory with The Monteverde Group LLC
West Virginia chose Trump for a second term, and the financial advisor says from a green energy standpoint – West Virginia might be most affected by Biden’s presidency.
With the coal industry declining, will the surplus of fracking be endorsed by Biden in our state?
West Virginians are worried, but for now the market treks on.
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