Former Vice President Joe Biden is projected to win the 2020 Presidential race and has declared victory.
The market rally that proceeded the election results looked prepared to continue Monday with Dow futures up over 1,700 points heading into the open. Markets were also bolstered by positive vaccine developments out of Pfizer (PFE) - Get Report.
So what does the new President-elect mean for your money?
Jeff Marks, senior analyst for Jim Cramer’s charitable portfolio Action Alerts PLUS; Bob Lang, Real Money contributor and co-portfolio manager of Trifecta Stocks; and Chris Versace, Real Money contributor and co-portfolio manager of Trifecta Stocks and Stocks Under $10, join TheStreet's Katherine Ross to break down everything you need to watch going forward.
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Biden is projected to secure the 270 electoral votes needed to win the 2020 Presidential Election, with 290 electoral votes to incumbent President Donald Trump's 214, according to the Associated Press.
"The people of this nation have spoken. They have delivered us a clear victory… A victory for we the people," President-elect Biden said in a victory speech to supporters in Wilmington, Delaware on Saturday.
"America’s Democracy is not guaranteed. It is only as strong as our willingness to fight for it ," Vice President-elect Kamala Harris said when introducing Biden.
After declaring victory, Biden delivered a message of unity after a widely divisive election. "Let’s give each other a chance. It's time to put away the harsh rhetoric. Lower the the temperature," Biden said.
In the market rally that preceded the election and continued as Wall Street awaited a result, TheStreet’s founder and Action Alerts PLUS portfolio manager Jim Cramer said Wall Street has become increasingly comfortable with the concept of a Biden presidency after a divisive election. "This is chaos. If you want chaos with a gentle face, you get it with Biden. If you want chaos with histrionics, you get it with Trump....Before we say histrionics is enflamed term, I worked with Trump and he loved chaos," Cramer said.
Biden said his first act and priority as President will be getting the coronavirus pandemic under control. "Our work begins with getting COVID under control," Biden said.
Monday, the Biden transition team announced Biden's COVID advisory board will include former U.S. surgeon general Vivek Murthy, former FDA commissioner David Kessler and Yale physician and professor Marcella Nunez-Smith.
The result will not be finalized until counties certify the vote in accordance with their state deadlines and electors vote on Dec. 14.
In a statement Saturday, Trump said he will not accept the result and his campaign will begin pursuing legal action.
"Legal votes decide who is president, not the news media," the statement said.
The Friday proceeding the election result, Cramer said that Wall Street hates uncertainty and the end of the election and a new White House administration could serve as a tailwind rather than the perceived headwind.
"We have been dealing for the last four years with a tweet that can destroy the market....there is a level of belief that we're going to be out of the woods of uncertainty," Cramer said.
TheStreet's Katherine Ross contributed to this report.