NEW YORK (TheStreet) -- The financial services industry does not "feel very good" about the U.S. government, said Nicholas Colas of ConvergEx.
According to a recent survey by the firm, the chief market strategist told TheStreet's Brittany Umar that the approval rating is the among the lowest seen in ages.
"Financial services professionals overwhelmingly disapprove of the president," he said, "but they disapprove of Congress even more so." 73% of those surveyed said they disapproved of the president, while 81% said they disapproved of Congress.
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But what if there's a shakeup in Congress? If Republicans are able to retake the Senate, Colas said those who were surveyed believe that 9 out of 10 S&P 500 sectors would rally. They believe that the financial and energy sectors will lead the move higher if this is the case.
Assuming that Republicans fail to retake the Senate, many of those polled believe most sectors will respond negatively -- with the exception of health care.
They reason that Republicans will be good for the stock market because they will create another form of pro-business stimulus. With the recent end of quantitative easing from the Federal Reserve, it's almost like the Fed is "handing the baton back to Congress, saying, 'it's your turn to help,'" Colas said.
Aside from politics, financial professionals are also concerned about issues around the globe, like the Japanese and European economies. The most common fear focused on Germany and Europe and whether those two regions would slip into another recession, Colas concluded.
-- Written by Bret Kenwell