Major market indices were flat Friday morning, coming off a bullish week for stocks led by Big Tech. However, concerns around the economy, unemployment, and continued stimulus bill talks tempered stocks.
The Dow Jones Industrial Average was up 78 points, or 0.28%, the S&P 500 rose 0.15%, while the Nasdaq was up 0.1%.
On Thursday evening, Joseph R. Biden Jr. accepted the Democratic presidential nomination. This is Biden's third campaign for president. He served eight years as vice president and dozens of years in the Senate. His speech Thursday focused on healing a divided and grieving nation.
According to Mike Loewengart, managing director of Investment Strategy at E*TRADE Financial Corporation, the election is now in focus for investors.
"One of Wall Street’s perennial fears of a Democratic presidency is that it supposedly threatens market-friendly policies such as lower taxes and less regulation," said Loewengart.
"But markets can often overestimate the likelihood—and magnitude—of campaign promises, and in the event Biden does become the next president, it’s possible his policies would be less onerous than the Street may fear."