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Column: How the Market Learned to Stop Worrying and Love the Blue Wave – Mike Dolan | Investing News

Column: How the Market Learned to Stop Worrying and Love the Blue Wave – Mike Dolan | Investing News

LONDON (Reuters) – Just about the only market consensus all year on next month’s U.S. election was that it would be volatile around the vote – but even that’s turning upside down three weeks before polling.

A narrow and disputed election result has been one of the main investor fears for months. Bank of America’s October global fund manager survey still had 60% of its respondents expecting the result to be contested – and three quarters said it was the outcome likely to cause most market disruption.

But with Democratic challenger Joe Biden’s consistent opinion poll lead since May widening into election day, bookmakers’ odds on a clearcut outcome and Democrat clean sweep of the White House and both Houses of Congress are narrowing.

Investment banks and asset managers, who have for decades argued markets would baulk at tax and spend policies and prefer congressional gridlock to curb any excesses, are now positively embracing the likelihood of a clean sweep for a Democratic Party expected to spend big and also raise wealth and corporate taxes.

With less than a month to go, Wall Street stocks are racing to record highs again and long-elevated implied volatilities of the S&P500 benchmark – the VIX ‘fear gauge’ and its November and December futures contracts – are draining to 6-week lows.

Opinion polls now put Biden’s lead over incumbent Donald Trump in double digits, almost twice September levels. Bookmakers in Europe put Trump as the 7/4 outsider, his longest odds of the campaign, and the Democrats are now favorite to take to take key swing states – Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin.

Online market PredictIt puts the chance of a Biden White House as high as 66% and a Democrat clean sweep at 59%.

Far from running scared, the investment world

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Rutgers football roster analysis: Impact of Mike Lonsdorf’s opt-out, Peyton Powell plan emerges, more

Rutgers football roster analysis: Impact of Mike Lonsdorf’s opt-out, Peyton Powell plan emerges, more

The longer Rutgers went without a roster, the more speculation grew about what it would look like when it was revealed. Or more specifically, who would – and would not – be on it.

The hype and suspense ended Monday when the Scarlet Knights finally released the thing, 10 months after Greg Schiano returned to the program for his second stint as head coach. And, to the relief of Rutgers fans, it was largely anticlimactic.

There was a surprise addition with the unexpected return of Elorm Lumor, but Schiano did not sneak another star transfer or two onto the roster. There were names missing – offensive lineman Mike Lonsdorf the biggest one – but all indications are Schiano was able to sway most of the other players who may have initially opted out back into the fold.

The roster looked like about what we expected. It just took a very long time for confirmation.

Here is a closer look at what we learned after the Scarlet Curtain was lifted:

Lonsdorf is the most impactful opt-out. Rutgers was not hit hard by opt-outs due to the novel coronavirus on the whole, but the Scarlet Knights did not go unscathed. Lonsdorf is a smart, versatile player with 12 starts under his belt at guard and tackle over the last two seasons. He was slotted as the starting left guard on most projected depth charts this summer and would have been the first guy off the bench at worst.

Between Lonsdorf’s opt-out and the absence of backup center Owen Bowles – it is not clear if he is an opt-out or simply moved on – the Scarlet Knights are extremely thin at the interior line spots. They may have no choice but to play true freshmen Tunde Fatukasi and Bryan Felter this fall.

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Yankees’ season ends on Mike Brosseau homer off Aroldis Chapman

Yankees’ season ends on Mike Brosseau homer off Aroldis Chapman

SAN DIEGO – On the Tampa Bay Rays’ side, Mike Brosseau’s tie-breaking homer was a beautiful form of poetic justice.

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