Tue, October 04, 2022

Stocks: Congress voted to impeach Donald Trump

Stocks and politics

Last week, House of Representatives voted to impeach U.S. President Donald Trump. Nevertheless, on the second day, U.S. stocks reached all-time highs as investors ignored the news that U.S. Congress voted to impeach U.S. Donald Trump.

For example, the S&P 500 rose 0.5% to 3,205.37. This index reached more than 3,200 for the first time.

Another major U.S. stock index, the Dow Jones Industrial Average added 137.68 points or 0.5% to 28,376.96. Meanwhile, the Nasdaq Composite gained 0.7% to end the trading day at 8,887.22.

It is important to mention that the S&P 500 index jumped by nearly 7% since September when House Speaker Nancy Pelosi launched a formal impeachment inquiry.

For instance, during the President Bill Clinton impeachment process, the index increased by more than 26%.

On Thursday, Cisco Systems and 3M performed better than other Dow components, rising more than 1.5% each.

The real estate and consumer staples sectors led the S&P 500 index higher. The real estate sector rose 1.1% while the consumer staples increased by 0.8%. Micron Technology also helped to increase the index.

Additionally, Conagra shares skyrocketed by more than 15% as it reached the best result one-day gain since 1984.

Stocks and CongressStock markets and Trump

As mentioned above, U.S. Congress voted to impeach President Donald Trump for abuse of power and obstruction of Congress. Trump became only the third president to face Senate trials.

This news failed to impress the investors. The chances that Trump will leave his post are low. As a result, stock markets didn’t focus on this problem.

Last time, when the president was impeached, stock markets also had a similar reaction. Moreover, unlike Congress, Republicans are controlling the Senate. Several prominent Republicans already stated that they are against the impeachment. Removing Trump from the office will be very hard for Democrats.

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