Finance
Anthony Scaramucci Says Kamala Harris Polls Are Raising Markets, Predicts Trump to Go 81 Days Ahead
The the stock market is in turmoil and what is even more remarkable is the strong rebound after the chaos of August 5. Former White House Communications Director Anthony Scaramucci Thursday commented on the market’s strong comeback, delving into the possible reasons for it.
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What happened: The Nasdaq Composite and S&P 500 Index closed higher for a sixth straight session on Thursday, with earnings data, slowing inflation and evidence that the economy was averting a hard landing prompting traders to dive further into stocks. The market collapse on August 5 was driven by growth fears and yen carry trade expirations, and the one-day sell-off dragged the major indexes down more than 2.5% each.
Since the crash, the three averages have posted decent gains. The Nasdaq Composite, S&P 500 and the Dow Industrials are up 8.6%, 6.9% and 4.8%, respectively, since August 5.
See also: During market downturns, investors learn that, unlike stocks, this is the case High-yield real estate bonds paying 7.5% to 9% are protected by resilient assets, which buffer against losses.
They rebounded Thursday thanks to a decline in weekly jobless claims, a smaller-than-expected contraction in manufacturing activity in New York and Philadelphia and robust retail sales.
The S&P 500 Index, a measure of broader market performance, is now at a three-week high.
Harris connection? Scaramucci said the market’s recovery to record highs may have to do with Democratic presidential candidate Kamal Harris’ rising poll numbers. Polling analysis website FiveThirtyEight’s compilation of national poll results shows Harris now leading the Republican candidate Donald Trump by 46.3%-43.5%.
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“Investors are relieved that America does not have to live under an unstable autocrat,” said the entrepreneur and founder of SkyBridge Capital.
In a separate post, Scarmucci said: “Trump is starting to psychologically come to grips with losing this election. As a result, it becomes darker and darker. It will be a tough 81 days.”
Harris has yet to announce her economic agenda and has not yet made public the potential policies she is likely to pursue if she reaches the White House. The vice president will deliver a major economic speech in North Carolina on Friday.
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