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Wall Street is not a fan of Senator Bernie Sanders. But heading into the second contest of the Democratic primary on Tuesday, investors seem unbothered — even though CNN's latest poll shows that Sanders is out front in New Hampshire

Andrew Hunter, senior US economist at Capital Economics, thinks that has a lot to do with skepticism about whether Sanders can really prevail.

"The lack of any stock market reaction to Sanders' surge suggests that investors either still don't believe he can win the Democratic nomination against the more centrist candidates or, alternatively, that Sanders will win the nomination but, in doing so, his lack of appeal to independents makes it even more likely that Trump will be re-elected," he wrote in a recent note to clients.

Hunter thinks that if Sanders continues to do well in the Super Tuesday primaries next month, there "might be a more discernible hit to market sentiment."

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