Joe Biden wearing a suit and tie: Mark Makela/Getty Images


© Mark Makela/Getty Images
Mark Makela/Getty Images

  • A Democratic sweep in November would place stocks on a rollercoaster ride through the end of the year, Morgan Stanley strategists said Friday.
  • US equities are among the few assets poised for a “detour” should a so-called blue wave take place. The market’s steady climb would reverse temporarily before correcting in 2021, the analysts said.
  • Stocks would initially dip on fears of higher corporate taxes and uncertainty around future stimulus, according to the bank.
  • Once the party can clarify its fiscal relief plans, a follow-up to March’s CARES Act and continued economic recovery can place stocks back on their upward path, the strategists added. 
  • Visit the Business Insider homepage for more stories.

A “Blue Wave” come Election Day can boost stocks, but only after bouts of strong volatility and a knee-jerk decline, Morgan Stanley strategists said Friday.

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Current polls suggest Democratic

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  • Democratic senators from the Judiciary Committee sent a stern letter to Republican Sen. Lindsey Graham of South Carolina, warning not to proceed with the Supreme Court nomination hearing next week for Judge Amy Coney Barrett.
  • Graham recently refused to take a coronavirus test.
  • “No plausible public health or scientific rationale justifies proceeding with Senate Judiciary Committee hearings next week,” the Democrats wrote in their letter. “We need not proceed in such a reckless and blind fashion.”
  • Visit Business Insider’s homepage for more stories.

Democratic senators from the Judiciary Committee sent a letter to the group’s chairman, Republican Sen. Lindsey Graham of South Carolina, warning not to proceed with the Supreme Court nomination hearing next week for Judge Amy Coney Barrett.

Sens. Patrick Leahy of Vermont, Cory Booker of New Jersey, and Kamala Harris of California on Friday urged Graham to postpone Barrett’s confirmation hearing on Monday “to ensure that we

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Sen. John Barrasso (R-Wyo.) called a proposed expansion of Affordable Care Act tax credits to the unemployed “an enormous betrayal” of the GOP’s long-standing opposition to Obamacare.

“I don’t get it,” said Sen. Rick Scott (R-Fla.) of the giant spending proposal that incorporates a number of Democratic priorities that are anathema to the GOP.

Sen. Marsha Blackburn (R-Tenn.) predicted that advancing such legislation would prove the “death knell” of the GOP majority.

Sen. Mike Lee (R-Utah) said that the deal could complicate floor timing as the Senate tries to fill the Supreme Court vacancy this month, and hurt Republicans at the ballot box because the Supreme Court fight would no longer be front and center.

The opposition was so fierce that Meadows told the group at one point, “You all will have to come to my funeral” because he would have to take their message back to President Trump. The

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Americans’ hopes of a second stimulus check being approved by Congress before November’s election are hanging in the balance, after Donald Trump called a halt to talks over a bipartisan coronavirus relief bill on Tuesday, only to demand on Twitter later on Tuesday night that a deal is met, and confirm that talks are back open again on Thursday. Confused? You should be. As it stands, anything could still happen as the situation is changing every day.

Are negotiations back between Democrats and Republicans?

Yes. Pelosi and Treasury Secretary Steven Mnuchin were meeting

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Rep. Andy Kim, D-N.J., is one of 23 freshmen Democrats whom the U.S. Chamber of Commerce is endorsing in this fall’s elections.

Erin Scott/AP


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Erin Scott/AP

Rep. Andy Kim, D-N.J., is one of 23 freshmen Democrats whom the U.S. Chamber of Commerce is endorsing in this fall’s elections.

Erin Scott/AP

The U.S. Chamber of Commerce is backing more House Democrats for reelection in at least a decade, prompting pushback from some of its strongest GOP allies in Congress.

“It is hypocrisy that the U.S. Chamber of Commerce would endorse these Democrats that are part of this socialist agenda that is driving this country out and is fighting this president,” House Minority Leader Kevin McCarthy, R-Calif., recently told Fox News.

The Chamber is technically a nonpartisan organization, but its pro-business agenda has historically aligned it more closely with Republicans. And it still is: This year the group

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  • Democrats passed a $2.2 trillion stimulus plan that contained another round of direct payments, federal unemployment benefits, and small business aid.
  • But Republicans are likely to reject the package in the Senate.
  • The Trump administration put forward a $1.6 trillion plan in negotiations with Democrats, but they rebuffed it as insufficient.
  • Bipartisan talks between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are set to continue.
  • Visit Business Insider’s homepage for more stories.

House Democrats passed a $2.2 trillion stimulus plan to send aid to individuals, businesses, and states on Wednesday, advancing a bill that has no shot at becoming law due to staunch Republican opposition.

The legislation passed by a party-line vote of 214-207. The margin was slim with 18 centrist Democrats voting against it since they objected to the lack of GOP votes. It’s been five months since the House approved a $3.4 trillion virus aid plan

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WASHINGTON (Reuters) – U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin remained at odds on key areas of COVID-19 relief on Thursday, after they failed to bridge what Pelosi described as differences over dollars and values.

U.S. House Speaker Nancy Pelosi (D-CA) participates in a news conference at the U.S. Capitol in Washington, U.S. October 1, 2020. REUTERS/Erin Scott

Congressional Democrats led by Pelosi have proposed a $2.2 trillion package to respond to a pandemic that has killed more than 207,000 Americans and thrown millions out of work. In the absence of a deal with the White House, the Democratic-majority House of Representatives began debating the partisan relief bill and planned to vote on it on Thursday evening.

Republican President Donald Trump’s negotiating team has suggested a $1.6 trillion response, and the White House on Thursday dismissed Democrats’ offer as not serious.

As

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House Democrats on Monday unveiled a $2.2 trillion stimulus plan that includes reviving the $600 federal unemployment benefit and sending a second round of stimulus checks to millions of American taxpayers.

House Democrats in May passed a $3.4 trillion spending package called the Heroes Act. (The new proposal has the same name.) It formed the basis of their coronavirus relief negotiations with Republicans, though they have lowered their demands and now insist on at least $2.2 trillion in new spending.

House Speaker Nancy Pelosi said she aimed to bring Republicans back to the negotiating table with the new proposal.

“Democrats are making good on our promise to compromise with this updated bill, which is necessary to address the immediate health and economic crisis facing America’s working families right now,” she said in a letter to members of her caucus.

Here are several of the package’s provisions:

  • $600 weekly federal unemployment
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House Democrats on Monday evening unveiled a $2.2 trillion COVID-19 relief package that reauthorizes the small business lending program, provides another round of $1,200 stimulus checks to spur consumer spending, and brings back the $600 federal boost to unemployment benefits. The bill includes other measures to help stimulate the economy.

The legislation addresses needs that have arisen as the coronavirus pandemic continues. The package calls for improvements to the Paycheck Protection Program (PPP) to aid struggling small businesses and non-profits. If passed, it will authorize a second round of PPP loans and additional aid

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The two have negotiated extensively this year on economic relief bills. They initially found success but have been at odds in recent months, and talks have repeatedly broken down. They are running out of time to reach an agreement before the November election, but their planned talks this week appear to be their most extensive engagement in more than a month.

Democrats described their new offer as an updated version of the $3.4 trillion Heroes Act the House passed in May, which the White House and Senate Republicans dismissed as far too costly. Senate Republicans and Mnuchin have also said $2.2 trillion is too much to spend, but Mnuchin has said he is open to negotiations. It was not immediately clear whether the talks would bear fruit or whether Democratic leaders would use the bill to provide political cover for moderate House Democrats, who have grown increasingly anxious over Congress’s

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