US President Barack Obama and his rival Mitt Romney may be in a dead heat in the race for the White House, but the former Massachusetts governor has emerged as an overwhelming favourite of Wall Street in a new survey.
Twelve out of 18 investment strategists and money managers surveyed by CNNMoney said the stock market would perform better with Romney, a businessman-turned-politician in the White House than during a second Obama term. As the US struggles with sluggish economic growth, high unemployment, over USD 16 trillion in national debt, a looming debt ceiling and the fiscal cliff, ‘Romney offers the potential for a more bipartisan, pro-growth set of fiscal policy initiatives, which ultimately would be better for the stock market,’ said Phil Orlando, chief equity market strategist. Political gridlock has been considered a positive for the stock market since it minimises policy changes, but experts say that a continued stalemate would be too detrimental for the sluggish economy.
Twelve out of 18 investment strategists and money managers surveyed by CNNMoney said the stock market would perform better with Romney, a businessman-turned-politician in the White House than during a second Obama term. As the US struggles with sluggish economic growth, high unemployment, over USD 16 trillion in national debt, a looming debt ceiling and the fiscal cliff, ‘Romney offers the potential for a more bipartisan, pro-growth set of fiscal policy initiatives, which ultimately would be better for the stock market,’ said Phil Orlando, chief equity market strategist. Political gridlock has been considered a positive for the stock market since it minimises policy changes, but experts say that a continued stalemate would be too detrimental for the sluggish economy.