The days of uncertainty regarding U.S Presidential election result is over now and U.S. stock futures and international markets rose in the first hours of trading   after weekend confirmation that Democrat Joe Biden had won the presidential election. Investors and financial executives took a big sigh of relief after major networks declared Democrat Joe Biden winner of the U.S. presidential election, offering some certainty after days of conflicting reports about who might run the White House next term.

Even though the current President Donald Trump is in a mood to fight it out in the court Wall Street is in an uplifted spirit accepting Joe Biden as the President. The result is accepted by the investors and markets as the main stream election  predictors including the Associated Press, NBC, Fox News and Edison Research and Reuters Agency agrees for Biden’s presidency .

Major U.S. stock indexes registered their biggest weekly gains since April this week, as investors bet Biden would win and Republicans would hold onto the Senate. That scenario would create a steadier hand in the Oval Office and a Congress that would check left-leaning impulses on taxes or regulations that pinch companies, investors said. However, there are lingering risks to asset prices in the days and weeks ahead.

Now all eyes are looking forward to the people Biden might appoint to his Cabinet. Some of those officials would be negotiating with Congress about a relief package and have extensive powers to craft Wall Street rules.

Current U.S. Federal Reserve governor and former McKinsey consultant Lael Brainard’s name has been floated as a potential Treasury Secretary, while Biden has already tapped former derivatives market regulator and Goldman Sachs Group Inc banker Gary Gensler for advice on financial regulation.

Billionaire investor Bill Ackman wrote on Twitter: “There comes a time in the battle when one should fold the tent,” and urged: “Concede graciously and call for unity.” Many voters were hoping for a decisive election that would offer some calm, whichever candidate they cast ballots for.

Source- Reuters

Country- U.S