As Impeachment Fizzles, The Stock Market Soars
November 16, 2019 By David Marcus
In New York City on Friday the Dow Jones Industrial Average soared to 28,004, a new record. In fact all major U.S. stock indexes hit new highs, and the SNP 500 hit its longest streak of weekly gains in two years. Put simply, it was a really good day for the economy.
Meanwhile in Washington, the public phase of the House impeachment inquiry slogged along, with Democrats all but conceding that even if they vote to impeach, the removal of the president by the Senate is all but certainly not going to happen.
Are these two major events on the Acela corridor related? It’s difficult to say, but some experts feared impeachment and removal could put a serious strain on the market. Asked last month by CNN if he believed impeachment could crash the market, former Goldman Sachs CEO Lloyd Blankfein said that it could, essentially arguing that markets don’t like that kind of political disruption.
So why hasn’t the impeachment inquiry spooked the market? Joseph Brusuelas, chief economist at the audit and tax firm RSM, said he does not believe impeachment has any material impact on the markets or economy.
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https://thefederalist.com/2019/11/16/as-impeachment-fizzles-the-stock-market-soars/
