Gains this week are likely tied to the election outcome, according to Steve Chiavarone, portfolio manager at Federated Hermes.
"It's a big relief rally, and in particular, it's because right now it looks as though the most likely outcome is a [Joe] Biden presidency with a Republican Senate," Chiavarone told CNBC's "He added that investors are likely feeling more optimistic that the chances of a Democratic sweep have dwindled – a "blue wave" would have boosted the prospects of an increased corporate tax rate, which could have hit the tech companies, and higher capital gains taxes.
"That looks like it's off the table right now and I think you're seeing a big sigh of relief in the tech names. Whether or not that'll hold as the recovery continues and we move forward, we'll have to see but right now I think the biggest beneficiary from a sector perspective of what looks to be the outcome, and I say that because it's still uncertain but what looks to be the outcome, is certainly the tech industry," said Chiavarone.
Of course Bigtech seems to wins the election . So soon the door to China are open for them and China can come to the USA. Biggesttech is coming
More good news please(((
Nevada, Michigan & Wisconsin cheated! They need to re-vote! USA must have fair elections! We are a Democracy! Democrats kicked the Republicans out in Michigan. Wisconsin harvested ballots! Cheating is happening in all delayed state's! Nevada counted ballots from dead people!
Trump's policy has made the gap between the rich and the poor in the United States continue to widen. The richer the rich, Qiong poorer Qiong poor, she is an enemy of The American people