Unlike Main Street, Wall Street is very interested in the midterm elections, in fact they’re the most interested they’ve ever been. Bloomberg News reports the securities and investment industry donated $169 million, a record amount citing data from the Center for Responsive Politics.

Wall Street’s wish list is actually not as long as you might think based on the donated dough says Zachary Karabell, head of global strategy, at Envestnet. “I don’t even know what, let’s say, the business community particularly wants other than a simplification of the tax code and a paring down of regulation.”

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Less regulation and a simpler tax code are wishful thinking according to Karabell who predicts there will be no majority Republican win that will be veto proof. “They're not going to win a two-thirds majority,” he says.  In his opinion that means the country will likely be left with a continued frozen government and even more entrenched acrimony in Washington.

As for the economy and the roaring stock market, the S&P 500 (^GSPC) is up 10% so far this year, look for these trends to remain in place. “Will any of this matter in terms of the earnings landscape, the corporate landscape? No.” says Karabell.  

According to the Stock Trader’s Almanac, the best two-quarter span runs from the fourth quarter of the midterm year through the first quarter of the pre-election year, averaging a 16% gain for the S&P 500, 15% for the Dow Jones Industrial Average (^DJI) and 23% for the Nasdaq (^IXIC).

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