Best week for markets since April

Stock markets in the US and around the world soared last week, delivering their best week since April. The SP 500, FTSE 100 and Eurostoxx 600 were up by 7.3, 6 and 7 respectively. Before US election results began to be reported on Tuesday night, stocks had made gains on the back of optimistic polling data that raised the possibility of a blue wave, with the Democrats taking the White House, Senate and House of Representatives. The hope there was that Democrat control meant a faster path to a new fiscal stimulus package. However, while Joe Biden has now been confirmed as the new president and the Democrats have retained a majority in the House, control of the Senate is still up in the air and may be until January. That raises the prospect of a socalled goldilocks scenario for investors, with less volatile leadership and an improved chance of stimulus, but a reduced likelihood of tax increases and regulation if the Democrats fail to take the Senate.

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