Billionaire investor Ken Fischer said Wednesday that Vice President Kamala Harris' sudden entry into the presidential race has created unpredictable events that have caused the stock market to plummet.
Dow Jones Industrial Average Closed Stock indexes fell 2.6% on Monday, with the S&P 500 plunging 3% and the Nasdaq dropping 3.43%, after a disappointing jobs report on Friday raised fears of a recession in the U.S. Fischer, speaking on “Your World With Neil Cavuto,” said part of the decline was due to Harris' unexpected entry into the presidential race, making it a closer race than President Joe Biden and former President Donald Trump had. (Related article: “If you care about your salary, you should vote for Trump,” says Jim Cramer on live TV)
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'There are bigger things to worry about': Billionaire investor says 'uncertainty' over Harris' election entry led to market decline pic.twitter.com/ZHBI5Xyirw
— Daily Caller (@DailyCaller) August 7, 2024
“This year was different because it was pretty much expected that it would be Biden versus Trump from the start of the year, and actually there was a lot of uncertainty early on,” Fischer said. “Uncertainty was unusually low because typically you have a heated primary and a lot of hype. We knew these two better than any other two people who've run before, so as you said before on your show, we didn't have much to worry about. There's more uncertainty now because Harris is new, the polls are close, and there's more to worry about.”
Harris is the current The polls show him leading Trump by 0.5 percentage points, but Trump was He was ahead of Biden by 3.1 percentage points before Biden dropped out of the race, according to the RealClearPolling average.
“This is also consistent with a market sell-off. We are going to have winners. We are going to have winners in November,” he continued. “We are expecting more winners in November than we initially thought. There will be less uncertainty and a stable bull market will resume. We don't know when exactly. It could be next week. It could be tomorrow. It could be three weeks from now or the week after that. But the reality is that the correction is back into the bull market. And this bull market is going to continue.”
In a series of posts on Truth Social on Monday, Trump blamed Harris for the market's sudden drop.
“Of course the market is down big time. Kamala is even worse than Crooked Joe. The market will never accept a radical left-wing lunatic who has destroyed San Francisco and all of California,” he said. Posts“Next move is Great Depression in 2024! You can't play games in the market. Kamala Crash!!!”
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