CNBC's Jim Cramer said the session's moves reflect investors who feel Vice President Kamala Harris could win the presidency, even as the race remains deadlocked in polls on the eve of Election Day.
"I'm not sure the market's right about what a Harris presidency would mean for business, but at least now we have a blueprint for what Wall Street thinks it'll mean," he said.
Traders, Cramer said, are looking to get ahead of election results, and they're looking for signs that someone knows something that others don't. He suggested that some on Wall Street foresee a Harris victory because of a surprising newreleased this weekend that showed Harris ahead in Iowa, a traditionally red state that seemed like a shoo-in for former President Donald Trump, who won the state during the past two elections.
"I like the idea that you can now get a jump on what traders think," he said."Then again, I don't regard traders as the best prognosticators of anything other than what other, slower traders might do within the next day or two — just not worth changing our portfolio over. I say stay the course.
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