CNN’s John Berman Laughs At ‘Irony’ Of Trump Exciting Stock Market When ‘They Do Really Well Under Democrats!’
CNN anchor John Berman laughed at the Wall Street reaction to President-elect Donald Trump’s victory, noting the “irony” that stocks “do really well under Democrats.”
Going into Election Day, the expectation was that it would be a close presidential race that could take days or longer to have a decision. But once polls began to close and the results poured in, it was only a matter of hours before outlets called the race for Trump.
On Wednesday morning’s edition of CNN News Central, CNN correspondent Matt Egan reported on a surge in Dow futures overnight, which he attributed to the “certainty” of a clear result, but also to Trump’s business-friendly image.
Berman and Egan both observed that the market did better under President Joe Biden, and other Democrats:
JOHN BERMAN: And back to office, seen as Matt Egan is here along with our panel. And, Matt, when I say the markets are reacting, they seem happy.
MATT EGAN: Yeah, John. Markets are going straight up! Dow futures at last look up something like 1200 points. You see that more than 2% sharply higher.
Look, first of all, I think that investors are happy that someone won. There was a real risk that this fight was going to drag out for weeks or longer. That would not have been good for business. Investors hate uncertainty. Something playing out in the Supreme Court would have been a nightmare.
I also think there’s some relief that the winner is Donald Trump because he’s obviously presented himself as the more pro-business candidate. He’s promised to cut taxes, fully extend those 2017 tax cuts. That’s going to help corporate profits. He’s also promised to cut red tape. That’s good news for investors, too.
But there’s also the fact that he’s promising to use tariffs more than he did during his first term. That’s not something that most of the mainstream economists I talked to, most of the CEOs like, because that can actually be inflationary. But for now, there is a sigh of relief on Wall Street.
JOHN BERMAN: Look, I think you’re on to something here that what Wall Street was most nervous about was uncertainty. They absolutely have certainty now.
And there’s also some irony in them being excited about the market maybe going up long term with him in office, when (LAUGHING) as we know actually, markets do really well with Democrats!
MATT EGAN: They did better under President Biden than under President Trump.
JOHN BERMAN: But throw that to the side, say investors this morning.
Look, Matt brings up a really good point here, which is that one of the things that Donald Trump ran on more than anything is tariffs. I mean, I’m really curious to see what happens with this, because that’s a major policy and a major policy shift. If Trump is able to get those through.
Watch above via CNN News Central.
