(CNBC) A major Wall Street firm just boosted its exposure to stocks. According to Federated Hermes chief equity market strategist Phil Orlando, the firm increased its asset allocation to 3% from 2% hours after Election Day due to a more favorable environment. “We’re pretty comfortable that the risk of a blue wave, if you will, is off the table,” he told CNBC’s “Trading Nation” on Friday.
Political backdrop will help drive stocks to new highs, Federated’s Phil Orlando predicts
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