NEW YORK (TheStreet) -- Sam Stovall, chief equity strategist at S&P Capital IQ, told TheStreet's Joe Deaux the annual State of the Union address has had little effect on Wednesday's trading session.
Investors are concerned about emerging market currencies at the moment, and aren't giving the speech much attention in terms of market pricing. Of course, many people listened to President Obama, who spoke about the improved employment situation.
But according to Stovall, it seemed like more of a kickoff to the mid-term election campaign that included a "rousing, cheerleading effect for the Democrats." Although Obama wants CEOs and other executives to increase hiring, it's unlikely to happen without first implementing some beneficial changes.
Stovall suggested that Congress would need to overhaul the tax situation and give incentives for executives to hire more workers and repatriate foreign earnings.
-- Written by Bret Kenwell in Petoskey, Mich.