Yesterday morning, a certain fair and balanced news network exhorted viewers to make calls to Massachusetts in support of Scott Brown, because a Scott Brown victory would push the stock market up:
GRETCHEN CARLSON (co-host): Well, are you concerned about the money in your 401(k)? Who’s not, right? Well, you may want to make a call to Massachusetts and get some people out to the polls? Well, that’s because our next guest, and a friend, says that your portfolio could look much better if Scott Brown wins Ted Kennedy‘s vacant Senate seat. Who’s that friend? Stuart Varney is here. He’s the host of the new show Varney & Company on the Fox Business Channel. Morning to you.
VARNEY: Morning, Gretchen.
CARLSON: All right. So if Scott Brown wins –
CARLSON: — our 401(k)s are going to benefit?
VARNEY: Well, it’s possible. Think of it this way: If Scott Brown wins, I mean, that is a revolution in Massachusetts politics, and it sends an enormous message, a very powerful message to the Democrats in Congress and to the White House that, “Hey, we don’t like your domestic economic policy. Reverse course.” So, if Scott Brown wins, that message gets heard, and you’ve got 10 months before the next big election. Time to reverse the tax, spend, and borrow and deficit story that we’ve had for the past year. Investors would love that. Your 401(k) could do well because of that.
Brian Kilmeade, one of the co-hosts of Fox and Friends, after first saying “the stock market could go up” if Brown wins, went so far as to say “if you’re 100 percent stocks, that would definitely raise it up in the short term.”
So how did the market greet Brown’s victory? All thee major indices opened lower than yesterday’s close. As of 12:54 p.m. eastern time, they were down between 1.60% and $1.87%.