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Wall Street set to open lower ahead of runoff elections in Georgia

Wall Street set to open lower on Tuesday as the uncertainty over US Senate elections continues. The election results will determine whether Republicans or Democrats control power in the U.S. Senate.

Wall Street set to open lower ahead of runoff elections in Georgia

Wall Street set to open lower on Tuesday as the uncertainty over US Senate elections continues. On Monday, US stocks ended lower, the S&P 500 and the Dow posted their largest daily percentage falls since late October. Meanwhile, since the US election the Wall Street climbed to record highs lifted by the approval of two COVID-19 vaccines and the passage of a $900 billion relief and stimulus package.

"The Democrats are trying to steal the White House, you cannot let them," Trump said.

The election results will determine whether Republicans or Democrats control power in the U.S. Senate. More than three million Georgians have already voted, over 100,000 of which are new voters who did not participate in November's general election.

Both Democratic candidates hold narrow leads going into the vote Tuesday. At present, Republicans control the Senate 50-48, but a win in both Tuesday's runoff races would give democrats a 50-50 tie with republicans. But if Democrats win both of the runoff races, Vice President-elect Kamala Harris would break the tie.

The market participants anticipating that the Democratic sweep in Georgia could have negative impacts for markets, which includes higher taxes and regulatory changes for health care. On the positive side, Democratic control likely would mean a bigger stimulus package.

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