Biden’s plans on local weather and international coverage might be constructive for shares, says Blackstone’s Byron Wien


Byron Wien

Chris Goodney | Bloomberg | Getty Images

(This story is for CNBC Pro subscribers only.)

Blackstone’s Byron Wien told CNBC on Friday he believes Democratic nominee Joe Biden’s foreign policy outlook and plans to combat climate change could be beneficial for the stock market.

While many people suggest a second term for President Donald Trump’s would be better for businesses than a Biden administration, Wien said on “Squawk on the Street” that it “may not turn out that way.”

“I think the top two priorities for Biden are going to be getting the (coronavirus) under control and creating jobs,” said Wien, a Wall Street veteran who now serves as vice chairman of Blackstone’s Private Wealth Solutions Group. “I think raising taxes and other things that might be less favorable for the market are probably going to be secondary to those two objectives. So if we get those two objectives first, that could be good for the market.”


Steven Gregory