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3 Stocks That SOARED After Biden Won

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As of January 20, 2021, the United States will have a new President. The historical event was marked by numerous moments, including the first time in about 30 years that an incumbent president hadn’t won the election. It’s why the markets waited in anticipation to see whether President Donald Trump or former Vice President, now President Elect, Joe Biden would come out on top.

With Biden now to succeed as President, the markets reacted in a big way. While some stocks sunk with the news, there were a few industries that soared, including some Canadian stocks. We can’t pretend that the U.S. election didn’t affect our country. And in these industries and stocks, it couldn’t be truer.

Cannabis

There was another huge move during the election that didn’t get as much coverage. A further five states legalized or decriminalized cannabis during this election. Further, Joe Biden and Vice President Elect Kamala Harris stated their administration would likely decriminalize cannabis, sending cannabis shares soaring.

On top of that came quarterly results for many cannabis companies, including Aurora Cannabis Inc. (TSX:ACB)(NYSE:ACB). Aurora first got a 200% jump in share price from the election coverage, and then again from its quarterly report. The company saw its debt decrease for another quarter. Meanwhile, its medical marijuana net revenue growth grew by 40%. While the company still has a long way to go, there may still be some life left in this and other cannabis stocks.

Energy

President-elect Joe Biden could be good for energy now and in the future. On the one hand, Biden stated in the past that renewable energy is the future. In fact, many renewable energy stocks saw gains as he received more and more votes. However, if Biden hopes to save the economy, he will have to invest in oil and gas.

This coupled with the news of a new vaccine also sent energy stocks in general up higher. A great example where investors could get the best of both worlds is with Suncor Energy Inc. (TSX:SU)(NYSE:SU). The company saw a 27% jump in share price with the recent news as the company continues to be Canada’s largest fully integrated oil and gas company. But the company also owns a few wind farms! As renewable energy trends higher, the company could slowly start to trend that way as well.

Real estate

Another surefire win with a Biden win is real estate. It all comes back to the pandemic. Biden hasn’t been quiet that the first task he will take on is getting a handle on COVID-19. So any industry that could be affected by a decrease in cases would see a jump in demand. That includes real estate.

This would include RioCan REIT (TSX:REI.UN), one of Canada’s largest real estate investment trusts. The company is mainly focused in high-density areas of Canada, and includes mixed-used properties for Canadians to shop, live and work. A Biden win could mean more research into the virus, and a quicker path back to normalcy. This, and the vaccine, sent shares in RioCan up about 18%.

Bottom line

Whether these shares prices will stabilize or drop after the Biden win is any one’s guess. However, each has remained stable as of writing. Whether you choose to invest or add to your watch list, it’s definitely clear that when Biden takes office everything will be different.

Now head over to some more top choices from our Motley Fool staff!

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