Tuesday , May 11 2021

Dow Futures Surge After Trump Administration Begins Transition To Biden

After the Trump administration formally began the transition course of on Monday, Dow futures surged 200 factors.

According to CNBC, “The transfer greater in futures got here after Common Companies Administration chief Emily Murphy advised President-elect Joe Biden that the Trump administration is making federal sources accessible for his transition into workplace.”

In different phrases, Trump’s campaign-season speaking level that a Biden victory would trigger a inventory market crash seems to be crumbling in actual time.

In reality, the inventory market appears optimistic about the way forward for the nation below a Biden presidency, significantly given the strong staffing decisions he has made in current days.

As CNBC additionally famous on Monday, the information that the president-elect will select Janet Yellen to be the next Treasury secretary is an indication of excellent issues to come back for the financial system.

“I feel this can be a robust signal that Biden will probably be centered on rebuilding the financial system vs. pursuing aggressive regulatory coverage,” stated Raymond James coverage analyst Ed Mills, in line with the report. “I might say that may be a constructive improvement for the market, however extra importantly for the financial system as an entire.”

Trump’s ‘transition to greatness’ is lastly occurring

Over the summer season, Trump tried to coin a brand new marketing campaign slogan that didn’t really make sense for a president in search of reelection: “Transition to greatness.”

The explanation it failed, in fact, is as a result of the slogan implied that issues weren’t at the moment nice, as Trump promised to make them again in 2016 when he rode a slim Electoral Faculty victory to the White Home.

However with Biden profitable each the favored vote and the Electoral Faculty somewhat decisively, it seems that the “transition” Trump spoke of is lastly beginning to occur.

The Lincoln Undertaking even took to Twitter shortly after the transition information broke on Monday to declare, “TRANSITION TO GREATNESS!”

Because the chaotic, incompetent and exhausting Trump presidency reaches its conclusion, the markets are optimistic about the way forward for the financial system.

Comply with Sean Colarossi on Facebook and Twitter

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