Though final counts continue, media outlets have declared Joe Biden the president-elect of the United States. President Trump, however, has stated his intention to contest election results. Pending a runoff election in Georgia, Republicans appear to have retained control of the Senate while Democrats keep control of the House of Representatives by a small margin.
While the jobless rate remains high compared to pre-pandemic levels, the jobless rate fell to 6.9% in October bringing the 6th straight month of job gains. U.S. equities saw significant declines at the end of October due to increasing COVID-19 cases, pre-election jitters and lack of agreement on a new stimulus package but recovered leading up the election.
To offer some overall perspective on the market and what may come next, attached is the November edition of Market Matters.
As always, we continue to monitor market conditions closely, and we’re here to assist you however we can. If you have any questions or concerns, please don’t hesitate to reach out.