Tags: 2020 Elections | Trump Administration | kudlow | trump | economy | election

Kudlow: Trump's Agenda 'Did Very Well' in Election

By    |   Wednesday, 04 November 2020 01:28 PM

White House economic adviser Larry Kudlow said Tuesday's election results was undeniable proof that countless Americans support President Donald Trump's economic growth strategy and brave leadership.

"President Trump's agenda did very well yesterday. And I still think he’s going to carry this thing through once everything is counted," the veteran financial guru and former Ronald Reagan adviser told CNBC.

"This was a very strong day for the Republican party and its principals of free enterprise, low taxes and regulations. Maintain energy independence, and tough fair-trade deals," said Kudlow, who served as the Trump campaign's senior economic adviser.

Kudlow also predicted Republicans "may lose one seat, maybe not" in the Seante.

"But they are going to maintain the majority in the Senate. So that right away says, guess what, no socialism, no major tax hikes to destroy the economy and the stock market," said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.

Meanwhile, Wall Street's main indexes surged on Wednesday as investors bet that an excruciatingly close race for the White House could end with a gridlock in Congress that would reduce the chance of major policy changes.

Both Trump and Democratic nominee Joe Biden still have possible paths to reach the 270 Electoral College votes needed to win as states keep counting mail-in ballots, Reuters reported.

The S&P healthcare index jumped 5.6% to a record high, while the information technology sector rose 4.3%, as investors said chances faded for Democrats to score a big win in the U.S. Senate, lowering bets of higher antitrust scrutiny and capital gains taxes.

"What's emerging for me is that not much is going to change as a result of this election, even if Biden wins," said Peter Kraus, a former Goldman Sachs executive who founded asset management firm Aperture Investments in 2018.

"The Senate is unlikely to flip. Stimulus bills, investments in infrastructure, significant fiscal spending and tax changes look in a rear view mirror."

Investors have said they favor a definitive, swift resolution to the election as that would clear the way for a deal on a stimulus package to help the damaged domestic economy. Analysts have also said the market will be comfortable with a clear Trump victory.

Meanwhile, Biden was back as clear favorite to win the election in online betting markets, according to data from three aggregators, after he overtook Trump in the state of Wisconsin.

"A lot of investors think (the election) will be wrapped up in a couple of days," said Arian Vojdani, investment strategist at MV Financial in Bethesda, Maryland.

"(But) increased uncertainties such as potential court cases around the election could throw a wrench in the current market optimism."

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White House economic adviser Larry Kudlow said Tuesday's election results was proof that countless Americans support President Donald Trump's economic growth strategy and brave leadership.
kudlow, trump, economy, election
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2020-28-04
Wednesday, 04 November 2020 01:28 PM
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