By Blake Haas
BLOOMINGTON – A Bloomington Financial Advisor says markets could rise under a new administration, but growth could be slower.
With less than a week before President-elect Joe Biden is sworn into office, Kevin Kingston with Savant Wealth Management said investors should not worry about a market pullback but should focus on long-term investing.
“You look at what’s going on with the transition in the White House and of course the Congress House and Senate, just a lot of activity that I think caused a lot of people to worry, be concerned for a lot of good reasons. But, I don’t think you can determine how that’s going to affect markets,” Kingston told WJBC’s Marc Strauss.
On Thursday morning, the Dow Jones Industrial Average was trading 129 points higher on news of the Biden Administration gearing up to release their new spending plan to be unveiled Thursday evening.
“You still see market growth, although modest, but, in spite of all the political activity and changes going on, which are disturbing, you are still seeing markets continue to grow,” added Kingston. “We’re still talking with folks who are concerned, and probably reasons to be concerned, but yet you cannot operate on the idea that there is going to be a big market pullback.”
Although stocks are on the rise, first-time jobless claims totaled 965,000 compared to the Wall Street estimate of 800,000.
Blake Haas can be reached at [email protected].
