香蕉视频苹果下载Politics often matters to investors, but the way it matters isn’t always obvious.

Compare the market reaction to Donald Trump winning the White House in 2016 and the immediate response to the prospect of a Democrat twin-win in Georgia, which gives the party control of the Senate (just).

In 2016, bank stocks soared while technology stocks initially fell and then lagged behind the market for months. Students of politics had an easy explanation: Republicans favor Wall Street, while Silicon Valley is a progressive bastion.

Easy, but wrong, as the Georgia Senate vote showed. The investor response to the Georgia vote香蕉视频苹果下载 was to buy banks and sell Big Tech.

Sure, politics has shifted, and Facebook and Amazon are now treated as baddies by many on the left. They would be the biggest losers from the corporate-tax cuts that President-elect Joe Biden has promised to partially reverse. The possibility of higher capital-gains taxes with a Democratic-controlled Senate should hit stocks that have left investors sitting on fat unrealized profits, too.