Wall Street chief strategist says a Biden blue wave could spur a 5% drop in the S&P 500

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The S&P 500 and Dow Jones could lose 5% if the Democrats win the White House and both chambers of Congress at the election next month, because of a lack of clarity over some of the party's key policies, one Wall Street strategist said.

Steve Kalayjian, chief market strategist and co-founder of trading platform Ticker Tocker said a "blue wave" victory by the Democrats could ignite a sell-off in the S&P 500. "

I don't think the Democrats are being forthright with the policies they are prescribing with the Green New Deal, Supreme Court, and new tax policy both corporate and individual," Kalayjian said.

"The S&P 500 is fine now, but if Biden wins, there will be a sell-off. If Trump wins, you'll see the Dow and S&P easily climb to new highs," Kalayjian added. "I see a decline of 5% or more."

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