The stock market's near-term fate could be decided by the tight Senate race as stimulus remains in limbo, Morgan Stanley says | Markets Insider

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The stock market's near-term fate could be decided by the tight Senate race as stimulus remains in limbo, Morgan Stanley says

The U.S. Capitol is reflected in a puddle on the Pennsylvania Avenue bike lane on Friday, October 02, 2020.With polls increasingly signaling a Biden victory, investors should shift their focus to Senate races,Senate election outcomes"will mean the difference between substantial fiscal expansion and fiscal gridlock," strategists led by Michael Zezas wrote in a note to clients.

"If the Democrats win the presidency, control of the Senate will mean the difference between substantial fiscal expansion and fiscal gridlock, which could challenge some of our colleagues' more bullish views on risk assets," the strategists added.US Investing Championship contender Trent McGraw hauled in a 104.3% return in just 8 months. He shares his two favorite trading setups that have led to his king-size returns.

The chances of Congress passing new stimulus before Election Day are rapidly dwindling as Republicans and Democrats remain far apart in reaching a compromise. House Speaker Nancy Pelosi continues to back her party's $2.2 trillion bill and has criticized the White House's $1.8 trillion counteroffer throughout the week.

Senate Majority Leader Mitch McConnell said Tuesday he plans to vote on a smaller aid package in a piecemeal approach that goes against both the White House and Democrats' strategies. Democrats currently hold a modest polling lead for taking control of the Senate and gaining full control of Congress. Such an outcome would likely see the Biden administration push for a multitrillion-dollar stimulus measure early next year, the bank said

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