Burnett: McCain Win Might Give Stocks 'Big Pop,' Market 'Priced In Obama'

November 3rd, 2008 11:34 AM

Wall Street is definitely watching all those polls the networks keep touting.

CNBC's Erin Burnett told MSNBC's "Morning Joe" that Wall Street was predicting that Sen. Barack Obama will win the presidency, but an upset from Sen. John McCain might boost it:

This market has priced in Obama, has not priced in McCain. Some people say that if McCain were to have an upset and win the market might get a big pop, who knows, but down here the conventional wisdom is, is that Obama has been priced into stocks.

When asked to explain the term "priced in" Burnett said, "It just means the market expects it. So, if Obama wins the market probably isn't going to do anything one way or the other."

But Burnett said the markets were even more concerned about a possible 60 seat majority for Democrats in the Senate:

Now, the one thing that the market is going to watch, um, is, is this filibuster proof 60 that you talk about. That actually matters, whether you are going to get Democrats across the board and get a mandate on that front. The market is watching that, perhaps even more carefully than the presidential side of the election.