Dow rises 150 points | Pelosi optimistic on stimulus deal | Bitcoin the best inflation hedge?

The market may be getting comfortable with a Democratic sweep at the polls but legendary hedge fund manager Paul Tudor Jones warns there are some downsides to this Election Day scenario.

VIEW IN BROWSER | SUBSCRIBE THU, OCT 22, 2020 EVENING BRIEF AS OF THU, OCT 22, 2020 • 04:26 ET DJIA 28363.66 +0.54% +152.84 S&P 500 3453.49 +0.52% +17.93 NASDAQ 11506.01 +0.19% +21.31   Most Active DOW NAME LAST CHG %CHG AAPL 115.75 -1.12 -0.96% INTC 53.90 +0.40 +0.75% MSFT 214.89 +0.09 +0.04% S&P 500 NAME LAST CHG %CHG AAPL 115.75 -1.12 -0.96% GE 7.72 +0.40 +5.46% AAL 13.15 +0.41 +3.18% NASDAQ NAME LAST CHG %CHG AAPL 115.75 -1.12 -0.96% AAL 13.15 +0.41 +3.18% TSLA 425.79 +3.15 +0.75%   EDITOR'S NOTE The market may be getting comfortable with a Democratic sweep at the polls but legendary hedge fund manager Paul Tudor Jones warns there are some downsides to this Election Day scenario.   Some market experts think a "blue wave" will be a near-term positive for the market because it will facilitate the passage of a large fiscal stimulus package amid the coronavirus pandemic. Jones agrees with this line of thinking, adding, "There's no doubt that Main Street under this program is going to benefit."   Stocks have traded in a tight range this month, seemingly rising and falling with every headline concerning the aid negotiations between Democrats and Republicans.   However, Jones said a blue wave could also result in higher corporate taxes, which would pressure equity prices over the long haul.   "I think under a blue wave, and the Biden tax plan, financial assets over the long run suffer a great deal," he said. "There's an inverse relationship — it's loose but it's clearly there — between stocks multiples and capital gains tax."   Jones, chairman of nonprofit Just Capital, also said Thursday that his appreciation for bitcoin has grown since disclosing his investment in the cryptocurrency in May.   "I think we are in the first inning of bitcoin and it's got a long way to go," he said. "The reason I recommended bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being long yield curve, and I came to the conclusion that bitcoin was going to be the best inflation trade."     Catch The News with Shepard Smith at 7 p.m. ET on CNBC. The nightly newscast provides deep, non-partisan coverage and perspective on the day's most important stories. Fred Imbert | CNBC Markets Reporter @foimbert TOP NEWS  Stocks close higher after Pelosi points to progress on coronavirus stimulus talks, banks lead gain Pelosi cautions that Congress may be far from passing a stimulus bill despite progress on a deal Tudor Jones sees a stock pop to start 2021 on stimulus, then pressure later from Biden tax plan Goldman Sachs agrees to pay more than $2.9 billion to resolve probes into its 1MDB scandal Republicans vote to advance Amy Coney Barrett's Supreme Court nomination to the full Senate GOP's Marco Rubio: I'm open to voting for higher Covid stimulus because Americans need help Biden holds edge in swing state polls while his large national lead over Trump shrinks slightly Weekly jobless claims drop to nearly their lowest level since the pandemic started in March Paul Tudor Jones says he likes bitcoin even more now, rally still in the 'first inning' Morgan Stanley expects SpaceX will be a $100 billion company thanks to Starlink and Starship   TOP VIDEO Quibi CEO: Shutting down operations was most honorable choice for shareholders   CNBC PRO 'Caution flag should be up' — Art Cashin says market overestimating Covid vaccine benefits   SPECIAL REPORTS Meet Terri Burns, the youngest and first Black female partner at GV, formerly known as Google Ventures Southwest CEO: It may be 10 years before business travel returns so we're focusing on leisure fliers   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS