Investors celebrate Biden winning U.S. presidency

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.

For the moment, investors and prominent Wall Street figures said they were happy with the election finally being called after what seemed like unending tension as ballots were counted through the week.

"Now is a time for unity," JPMorgan Chase & Co Chief Executive Jamie Dimon said in a statement. "We must respect the results of the U.S. presidential election and, as we have with every election, honor the decision of the voters and support a peaceful transition of power."

Leon Cooperman, a billionaire former hedge fund manager who had previously criticized Democrats said he was pleased with the results.

"It's a signal to the world that America has not changed its values," said Cooperman, of Omega Family Office. "That's a good thing in my view."

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Robert Wolf, a major Democratic donor and former UBS Group AG executive who now runs 32 Advisors, was enthusiastic: "I am ecstatic, relieved and deeply hopeful for the future of this country," he said in a text message.

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."

The financial industry was not reacting in a bubble: major cities from New York to San Francisco erupted in celebration on Saturday. Though Trump undoubtedly has significant support throughout the country, including on Wall Street, 2020 has been a difficult year for the United States.

The coronavirus pandemic has taken a huge toll on the country, killing some 236,250 people so far, while social unrest over the police killing of George Floyd, a Black man, has only hardened divisions that already existed.

Many voters were hoping for a decisive election that would offer some calm, whichever candidate they cast ballots for.

Mohamed El-Erian, Allianz Group's chief economic adviser, said he hoped a Biden administration could work with Congress to get a handle on the pandemic and pass an economic stimulus package for struggling Americans.

"The country needs to come together to deal better with a surge in Covid infections that risks the loss of more lives, greater disruptions to livelihoods, and long-term economic, institutional and social scarring," he said.

 

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