Divided congress means no chance of capital gains hike
Many tech investors are holding onto massive capital gains from the enormous rally in FAANG stocks and others this year and over the past few years.
Biden had promised to raise the capital gains rate and some of those positions were sold in Sept/Oct in anticipation of him winning. It's now clear that Republicans will hold the Senate so that's off the table.
All stocks are higher on the same thinking but the Nasdaq is up 3.5%, leading the way.
