It underscores again how the coronavirus and its effect on the economy are the dominant concerns for investors, much more than who wins what in Washington.
And in Washington, some uncertainties remain that could derail what’s already become a roughly 11% rally for the S&P 500 so far in November. Markets are banking onremaining split between Democrats and Republicans, which can keep low tax rates and other pro-business policies the status quo in Washington, but that hinges on the result of run-off elections in Georgia in January.
Last week, the Fed kept short-term interest rates at their record low. Economists expect the central bank to also boost its support for the economy in an attempt to pick up the slack from a hesitant Congress.
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