Wharton School Professor Jeremy Siegel told CNBC on Monday that the stock market is poised for gains regardless of whether President Donald Trump or Democratic presidential nominee Joe Biden wins the election.
“I think the market … is looking forward to a really good 2021 no matter who is president,” the professor of finance said.
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He explained that the “tremendous burst of liquidity” from the Federal Reserve and congressional stimulus aid will likely support a bull market that continues into next year.
“There's a lot of repressed liquidity in the market, that once the vaccine and the pandemic fears fade in 2021, we're going to see a big boost in activity,” he added.
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Along with the large money supply in the market, Siegel also cited increased worker productivity and firm cost-cutting as reasons why stocks could surge next year.
Siegel also said that if there's a peaceful power transition after the election, the markets could receive a boost. “I think November could be a nice rally in the market, just that uncertainty out of the way could be a favorable factor going forward,” he said.
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