Investors are unfazed by Trump’s impeachment, with stocks up 7% since the inquiry began and many believing he WON’T leave office before the end of his term
- President Donald Trump warned months ago that his impeachment would roil markets, but traders say it has virtually no impact
- In fact, stocks rose to record levels on Thursday, seemingly unfazed the historic impeachment vote taken by Congress the night before
- The S&P 500 was up 0.3%as of noon, eastern standard time, and if it stays at stays at the 3,201 level, it would be the sixth gain in the last seven days
- That level also would mark and another record high for the index. The Dow Jones Industrial Average also rose 107 points, or 0.4%, to 28,347
- The Nasdaq composite was up 0.5%. The Russell 2000 index of small-cap stocks was up 0.2%. More stocks also rose on the New York Stock Exchange than fell
- Investors are likely to keep the momentum going considering Trump isn’t viewed as leaving his office before the end of his term
U.S. stocks moved higher in midday trading Thursday following encouraging profit reports from several big companies and showing little concern over President Donald Trump’s impeachment.
Trading around the world was mostly listless, as markets took a pause after a run higher in recent weeks.
Stocks, bonds, gold and a gauge measuring fear among traders on Wall Street all made only slight moves, if any, in the first day of trading after Trump´s impeachment by the House of Representatives Tuesday night.
Trump had warned months ago that his impeachment would roil markets, but traders say it has virtually no impact.
That´s mostly because they see it as extremely unlikely that Trump or his market-friendly policies will leave office before the end of his term.
President Donald Trump warned months ago that his impeachment would roil markets, but traders say it has virtually no impact, with stocks up 7 percent since the inquiry began
If the market’s lack of reaction sounds familiar, that’s because stocks also rallied after President Clinton was impeached for lying to Congress about his sexual relationship with White House intern Monica Lewinsky.
Since Trump’s impeachment process began in September, the S&P has risen nearly 7 per cent, reports CNBC.
By comparison, stocks fell 13 per cent when Richard Nixon ran into his own impeachment woes over the Watergate scandal.
As of noon Eastern time, the S&P 500 was up 0.3%. If it stays at the 3,201 level, it would be the sixth gain in the last seven days and another record high for the index.
The Dow Jones Industrial Average rose 107 points, or 0.4%, to 28,347, and the Nasdaq composite was up 0.5%. The Russell 2000 index of small-cap stocks was up 0.2%. More stocks rose on the New York Stock Exchange than fell.
Trump became just the third U.S. president to be impeached after the House voted Wednesday on charges of abuse of power and obstructing Congress in an investigation.