By STAN CHOE AP Business Writer
NEW YORK (AP) — A huge fear for Wall Street coming into this month was a contested U.S. presidential election, one that could drag the market through more painful uncertainty.
Now, more than a week after Election Day, President Donald Trump and his allies are challenging the results in a number of states that gave Joe Biden enough Electoral College votes to claim victory.
And yet the S&P 500 has shot up more than 8% this month, as of Thursday, to the edge of its record high. While Trump has leveled unsubstantiated claims of widespread voter fraud, professional investors don’t see the president’s tweets and legal actions ultimately changing the results.
“I’m a pretty conservative guy, and I’ve come to believe that Biden is going to be our president,” said Barry James, portfolio manager with James Investment Research in Ohio. “It’s just seemingly impossible that it would be anything other than that.”
Biden’s margins of victory in a handful of key states are wide enough that investors see it as a virtual lock that the Democrat will take the oath of office in January. It’s not a repeat of 2000, when the election’s results hung on a slim number of…