Picture: Reuters
NEW YORK (Reuters) - U.S. stock markets are poised to rally in 2021, bolstered by the predictability of a new U.S. president, fresh stimulus and infrastructure spending, plus a coronavirus vaccine.
But there is a potential wild card: outgoing President Donald Trump, the head of asset allocation at Pacific Life Fund Advisors said on Monday.
Markets have already signaled relief that the U.S. election is over and a winner declared, with former Vice-President Joe Biden taking over the Oval Office in January.
The Dow and Nasdaq reached all-time records last week after Biden began naming cabinet secretaries and three drug companies unveiled promising vaccine results.
Pacific Life Fund Advisors cut its exposure to large-cap tech companies in favor of small-cap value in September, for example, and is now more neutrally positioned to get through the next weeks.
U.S. stocks rallied during Trump's presidency, up more than 60% from his 2016 election to the Nov 3 Election Day. Stocks have continued to rally since then.
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