TUCSON, Ariz. (13 News) – Stocks soared, and oil prices plunged one day after voters in Arizona and across the country handed Democrats control of Congress.
On Nov. 4, the Dow soared more than 1,500 points, or about 3%. It was the best single-day performance in 18 months.
Drew Blease, President and CEO of Blease Financial Services, said the reason for the jump is that election results ended some uncertainty. Democrats had a strong night, flipped the House, and created a divided government.
“Gridlock is actually a positive, many times, for the market. The less that the government can do, the better that sometimes businesses can do. You know, the less intervention they have, the better it can be for the stock market,” Blease said.
Blease said the market jump is important to many Pima County residents who rely on 401(k) money. According to the U.S. Census Bureau, more than 24% of Pima County residents are at retirement age, compared with the national average of around 18%.
Scott, a recent retiree and Pima County resident, and his wife have five 401(k) accounts between them. He studies the market and said he was excited to see the jump the morning after Election Day.
“When it goes up, we’re gonna, you know, we’re gonna do well,” Scott said. “When the account goes up, you can use the extra for things like vacation. So we’re planning on going to Mexico City in March, and this has a lot to do with it too.”
Not all residents are sure the increase will last.
“I’m hopeful, but we won’t know until it happens, you know. We kind of have to let the dust settle and then decide,” said Pima County resident John White.
Blease said White’s view is partially true. He said the market is always a bit uncertain, so it is good to be cautious, but he thinks the increase will last long term.
Blease said a drop in prices at the pump and the grocery store may come later.
“It will bleed through, and we will see it. It’s just a matter of, you know, months instead of weeks,” Blease said.
Blease said the only large change he can see in the market in the near future is if the war in Iran were to end.
He said the market would then see an even larger jump.
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