The most expensive election in U.S. history resulted in the White House changing hands but not much else so far, which for markets at least could be a good thing, observers say.
An estimated $14 billion was spent on the 2020 election cycle, nearly half of which was for the presidential race, according to political spending research group Center for Responsive Politics. It did not do much for the political stalemates that will continue at least until January, when Georgia's two runoff Senate elections are held. For now, the Senate remains under Republican control, while Democrats control the House.
Even the presidential election won't be finalized until states certify election results and Congress counts the electoral votes, which is expected in January.
The lack of dramatic change in Congress means that President-elect Joe Biden may be able to fulfill some campaign promises — like rejoining theParis Agreement on climate change — unilaterally through executive orders and administrative actions. He could also undo recent changes like the Department of Labor's new policy on ESG investing. Loftier goals will require patience and compromise.