What impeachment? Stock market booms

FPI / December 19, 2019

The stock market mocked the political circus on Wednesday.

As Democrats still bitter over their 2016 election loss were preparing to impeach President Donald Trump, investors were more interested in a Trump economy which continues to soar.

Stocks hit records highs on Wednesday. The S&P 500 moved up to 3,198 to set a new high in the first hour of trading. The Nasdaq Composite also hit its highest level ever. The Dow Jones Industrial Average moved higher but remained just below the all-time high set on Monday.

The Democrats’ partisan impeachment on Wednesday night did nothing to cool the enthusiasm of investors, with major indexes rising to trade near or at all-time highs on Thursday morning.

With Senate Majority Leader Mitch McConnell saying there is “no chance” Trump will be convicted in the Senate, “there looks almost certain to be no political payoff for markets to worry about from this epic impeachment saga — except perhaps to enthuse U.S. Republican voters and make Trump 2020 more, not less likely,” Michael Every, a strategist at Rabobank, said on Wednesday.

It has been another stellar week in a spectacular year for the stock market. The Dow is up 19.49 percent compared with a year ago. The S&P 500 is up 25.42 percent. The Nasdaq is up 30.18 percent.

“The exuberance of investors contrasts sharply with the deep divides in Washington, where Democrats have used their House majority to relentlessly attack President Donald Trump,” Breitbart’s John Carney noted.

“The stock market’s performance is even more remarkable given the inversion of the yield curve earlier this year and the mainstream media’s fearmongering about recession risks and trade tensions earlier this year,” Carney added.

Free Press International