"Investors have virtually ignored what's going on in Congress. They care about the economy. They care about profits. They care about trade, and if they thought the president was in serious jeopardy of losing his job, they'd care," said Jack Ablin, chief investment officer at Cresset Wealth Advisors. "It's just a disruption removing a president.
More important is the course of the economy, which is showing some mixed signals. "We're looking really at first quarter data and the election," Ablin said. "The strong data is getting a little bit weaker which was the labor market and consumer, and the weaker data, like the manufacturing, production data is getting a bit stronger."
The House voted to conduct impeachment proceedings on Oct. 31, and all during the process, stocks rose. The S&P 500 is up about 5 percent since that date, and hit another new high Thursday, as it crossed 3,200 for the first time. It's up more than thatMarc Chandler, chief market strategist at Bannockburn Global Forex, said investors are only concerned about the impeachment, in that it shows a divided country.
"It's not going to affect monetary policy or fiscal policy, and people think it's not going to happen. It's more of an embarrassment," said Chandler. "In the first 100 years, they only tried to impeach Johnson. It's what it means for American politics." Chandler said he's heard concerns that impeachment could become more common place, and a Republican Congress, for instance, could try to impeach the next Democratic president.
Chandler said more important to the stock market has been trade. "Micron says they think the industry is bottoming. That's what is important for investors," he said.y in 2020 after seeing a "cyclical bottom" in the second quarter. It also said it had received all requested licenses to supply some products to its largest customer, Huawei Technologies, a Chinese telecom company blacklisted by the Trump administration.
Wall Street shrugged off President Trump's impeachment. So did most Americans.
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