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Elections are not noise in the investing world.
There is research showing significant differences in the performance of stocks and bonds under various combinations of party control of White House and Congress. An astute investor should indeed be aware of those differences and take them into account with other factors (risk tolerance, years to retirement, and years of retirement).
It turns out that a Democratic president is better for the stock market than a Republican over the past 100+ years. The difference is a significant amount (4% per year after inflation), but which party controls Congress also has an effect.