Two-Thirds of Wall Street Investors Say Stocks to Worsen Under Biden Administration

Two-Thirds of Wall Street Investors Say Stocks to Worsen Under Biden Administration

Two-thirds of Wall Street investors say stocks will be worse during President-elect Joe Biden's term in office than they have been during President Donald Trump's.A two-thirds majority of U.S. investors, traders and strategists predict that stocks will see a lower return in the next four years versus numbers like the 60 percent rally the S&P 500 has recorded since Trump's January 2017 inauguration. A new CNBC survey of dozens of top Wall Street insiders reveals mixed feelings about the ensuing Biden administration. Just 33 percent of those surveyed said they think stocks will be "better" under Biden than they have been under Trump, with many highlighting the president's corporate tax cuts, which caused a surge in profits and a record of share buybacks.Despite two-thirds of investors predicting lower stock market returns with Biden in the White House, a nearly identical majority of those surveyed also said the Dow Jones Industrial Average will finish 2021 at a new high. About two-thirds predicted the blue-chip benchmark will finish next year above 35,000 points, a 16 percent gain from last week's close of 30,199.87.Only five percent of those surveyed said the Dow will rise to 40,000 by the end of 2021. Just 10