Financial world bracing for presidential election
The financial world is bracing for the presidential election outcome just like the rest of us.
Uncertainty about the economy and public policy are causing wild swings in the market daily. Friday, the Dow Jones Industrials dropped 100 points in a matter of minutes when news broke that the FBI had reopened its investigation into Hillary Clinton's email use.
Joe Krier, president of Krier Wealth Management, said this is a clear indication of what Wall Street wants. Many financial experts think that if Republican Donald Trump is elected, it will have a major negative market reaction. The main reason is that Wall Street views Democrat Hillary Clinton as more predictable.
"Nobody knows what Trump would do if he gets up there. He's got a lot of plans, so to speak, but from a Wall Street perspective change is really the thing that rattles its cage, " Krier said. "They want continuity one way or another and Trump represents massive change, but no one knows exactly what that looks like."
Krier added that regardless of who wins on Nov. 8, the market will probably take a hit. However, the United States economy has benefited from instability in Europe, Japan and China in recent years. Krier said that could mean the downturn will be temporary, and can be viewed as a buying opportunity.
"The world still sees us as the best economy on earth and the best place to invest money on earth," Krier said.
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