Wall Street Week Ahead: Biden victory? Disputed election? Wall Street prices in November outcomes

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Investors are girding their portfolios for market moves ahead of the U.S. presidential vote, as election season kicks into higher gear with the ...

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NEW YORK: Investors are girding their portfolios for market moves ahead of the U.S. presidential vote, as election season kicks into higher gear with the Democratic National Convention in the coming week.

Villere's firm has raised its cash levels to as high as 20per cent of assets as a hedge against election-induced volatility in a stock market some say has become richly valued - the S&P 500 has rallied more than 50per cent from its lows of the year and trades at its highest forward price-to-earnings multiple in around two decades.

At the same time, no incumbent has been awarded a second term in the midst of a recession, TD securities wrote. "The full implications of a future Biden presidency could unsettle markets in the first instance," analysts at Oxford Economics said in a recent note. At least one of Biden's flagship policies - a US$2 trillion increase in infrastructure spending - could further weigh on the already weakened U.S. dollar, Oxford Economics said.

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