Americans largely know better than to tip their toes into the political realm – especially during a deeply polarizing presidential election campaign.
After all, taking a bold stand on a political issue right now, be it the Supreme Court, COVID-19, abortion, or any other hot button topic could lead to an avalanche of political heat on social media, or among family and friends.
That’s exactly why so many common-sense Americans stay away from nasty political rhetoric, even though they’ll stand up and vote on or around election day.
One area where people will take a political stand, however, is with their money – especially with the financial markets.
Case in point. According to a new survey by Investing.com, over 90% of U.S. investors “were unconcerned” by President Trump’s COVID-19 diagnosis, and 65% say that a Trump victory “would be better” for the stock market.
Additionally, 53% of investors surveyed say that a four-year market upswing since Trump took office will be enough to get him re-elected this November. Meanwhile, 60% of investors “have no plans” to make any changes to their investments ahead of election day.”
“The initial downward move (after Trump’s COVID diagnosis) was nothing more than a knee-jerk reaction to the dramatic headlines,” says Jesse Cohen, senior analyst at Investing.com. “As the hours and days progressed it became clear that President Trump was not in a life-threatening situation, easing worries over a sudden deterioration in his health. Overall, the election result - and whether the winner will introduce a fresh round of stimulus - are far more important factors likely to influence the market in the coming weeks.”
That’s one reason why investors were also in agreement that a Trump victory would provide a better outcome for U.S. financial markets. The survey reports 65% of respondents taking a pro-Trump stance against 16% of investors seeing a President Joe Biden as a better outcome for the markets.
No matter what happens in early November, Investing.com reports that financial consumers believe the economy is on track to improve, with over 60% of survey respondents sharing this sentiment.
“They were, however, more split on how long it will take for the US economy to show a complete recovery; 43% believed we could see it happen in the next year, while 16% believed it won’t happen in the upcoming term, whether it’s Trump or Biden in the driving seat,” the survey stated.