new york democrat doug jones bitter fight u.s. senate seat deeply conservative alabama tuesday deal political blow president donald trump race mark sexual misconduct accusations republican candidate roy moore key point stun upset make jones first democrat elect u.s. senate alabama quarter-century trim republicans already narrow senate majority 51-49 open door democrats possibly retake chamber next year congressional elections peter cardillo chief market economist first standard financial new york anything prompt congress get tax bill sign year end another week problem perspective yesterday defeat good news term tax legislation go risk tax reform election defeat actually positive president sign legislation year end major problem would speed process correction would affect economy reverse economic growth 2018 perhaps 2019 defeat republican party mr. trump also motivate republicans get act together get bill sign keith lerner chief market strategist suntrust advisory service atlanta ga tax reform still likely go happen overnight may present obstacle gop agenda 2018 arguably less important tax reform perhaps obstacles infrastructure entitlement reform market perspective high-probability anyway high probability tax get republicans try fast-track jones get seat unlikely victory change short-term setback tax bill pass may cap upside market since company get earn boost pullback think 10 percent range oppose bear market still early look certainly big change midterm makeup house senate long economy sound foot gridlock washington necessarily bad thing necessarily preferable majority slim question economy chug along economy continue move forward less important gennadiy goldberg interest rat strategist td securities new york think one possible big impact deficit jones win make difficult pass tax-cut bill put pressure republicans pass tax cut year-end question go see special provision deal get do think get do mentality bleed early 2018 low odds get anything do 2018 l. thomas block fundstrat global advisors washington policy strategy research note bottom line alabama senate race change basic washington dc headline first tax bill pass christmas tough negotiations ahead solve budget issue avoid government shutdown marc chandler global head currency strategy brown brothers harriman research note dollar slip low week yen become clear republicans go lose senate seat alabama reduce republican majority one senate owe fissure party put risk part trump agenda treasury secretary mnuchin acknowledge early week necessary achieve kind growth level tax bill assume u.s. stock futures dollar dip wednesday although equities turn around open 500 index last 0.2 percent analyst view democrat jones win alabama u.s. senate seat blow trump