Wall Street stresses jobs
Wall Street is more worried about high unemployment than the makeup of Congress or the Federal Reserve's next move, according to views from the market ahead of next month's election.
That said, extending tax cuts and lifting growth should be the top priorities of the new Congress, according to a Reuters poll of 53 financial analysts, money managers and trading firms.
Repealing the recently-passed financial regulation law was less of a priority for Wall Street. Just three of 53 respondents said scrapping the bill should be one of two top priorities, despite months of vocal opposition.
The poll shows Wall Street has lower unemployment as by far the most important factor in improving the business climate, followed by increased consumer confidence. Those two factors trounce more Fed action and even a stock market rally.
The U.S. economy endured an 18-month recession ending in June 2009, the longest since the Great Depression, but growth since then has been anemic despite attempts by the Obama administration to stimulate the economy through a combination of spending and tax breaks.
The latest Reuters poll of economists shows expectations for a meager 1.8 growth rate for gross domestic product in the third quarter and 2.1 percent in the fourth quarter.
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