Plenty to Watch on Election Day
What will Wall Street be watching today?
The House and Senate races.
Wall Street seems already to have built in an Obama presidency to prices.
What it's unsure about is the Congress -- will the Democrats gain a super-majority in the Senate?
If that's the case, then it's an all-Dem team from the White House to Capitol Hill. Wall Street likes checks and balances. It fears an all-Dem team might be persuaded to try to fix the current economic crisis with a raft of FDR, New-Deal-style programs, which would give government -- not the markets -- a bigger role in the economy.
On CNBC this morning, one analyst predicted that if Obama wins, he will within a day convene an economic advisory panel made up of familiar old hands -- Paul Volcker, Fed head under Carter and Reagan; former Clinton Treasury secretary Bob Rubin and others who've been advising the Democratic nominee.
Futures are up on Wall Street, so we could see a mild rally on opening.
Today at 10 a.m., the Commerce Department will release its September factory orders report, and economists expect the number to be down for the second straight month, as the economy contracts.
Whoever gets elected president today (hopefully today), the first big piece of economic news they will face will be a bad one -- on Friday, the government will release its October unemployment figures.
Economists predict the current rate, 6.1 percent, will edge up to 6.3 percent, the sharpest increase since March 2003.
-- Frank Ahrens
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