Why Biden’s Defeat of Trump Suits the Stock Market Just Fine

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“Life can only be understood backwards, but it must be lived forwards,” the philosopher Søren Kierkegaard observed. So it is with markets. After election results that ran mostly counter to prevailing expectations, major stock averages enjoyed their best week since April.

While Democrat Joe Biden appeared on the verge of winning the presidency, the vaunted blue wave failed to materialize. The Senate will likely remain in the Republicans’ control, with Mitch McConnell, fresh off an easy reelection victory, probably continuing…