Stocks climb on China trade deal optimism, despite Trump impeachment bid

U.S. stocks steadied Wednesday, after falling for three days, after U.S. President Donald Trump said that a U.S. - China trade deal could happen sooner than expected, which offset concern about a Congressional impeachment enquiry against President Trump, along with weakening global economic data.

That helped push House Speaker Nancy Pelosi’s formal launch Tuesday of an impeachment inquiry into Trump into the background, after reports that the president may have withheld Congressionally approved military aid to Ukraine while pressing Ukraine’s president to investigate Democratic presidential candidate Joseph Biden and his son.

Analysts said the impeachment inquiry is a potential worry for investors but the impact may be limited barring an indication that support for Trump is slipping in the Republican-controlled Senate. A vote by the House to impeach would be followed by a trial in the Senate, which would decide the president’s fate.

Other factors weighing on markets include the ongoing uncertainty around U.S.-China trade. China reportedly is buying more pork from the U.S., partly due to African swine fever which has afflicted the Chinese herd and Trump told reporters Wednesday that a U.S.-China deal could come sooner “than you think”, helping to support stocks

Which stocks are worth watching? Philip Morris International Inc. PM, +5.23% and Altria Group Inc. MO, -0.39% surprised the market early Wednesday with the news that they are ending their merger talks and will instead focus on launching a smokeless tobacco product in the U.S. Shares of Philip Morris were up 4.4%, those for Altria were off 0.37%.

Gold prices posted their biggest daily loss in nearly three weeks Wednesday, pressured by strength in the dollar and a climb in U.S. benchmark stock indexes. Gold for December GCZ19, -1.87% on Comex dropped $27.90, or 1.8%, to $1,512.30 an ounce, after it finished at its highest on Tuesday for a most-active contract since Sept. 4, according to FactSet data. The ICE U.S. Dollar Index DXY, +0.72% traded up by 0.7%.

All is calm

Optimism on China...ah Trump policies. Despite impeachment...ah maybe because the American public realize this is the dems throwing in the towel on 2020.

That's ok, it'll correct.

😂

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