As the House voted on articles of impeachment against President Trump this week, US stocks climbed despite the President’s warning that “they would crash.”
According to a report from CNBC this Thursday, the S&P 500 shot up nearly 7% after House Speaker Nancy Pelosi formally announced the impeachment inquiry into Trump.
This Wednesday, the House voted to approve two articles of impeachment against Trump: one for abuse of power and the other for obstruction of Congress, stemming from his alleged attempt to pressure Ukraine’s government to investigate 2020 presidential candidate Joe Biden and his son, Hunter. The case against Trump is expected to die in the GOP-controlled Senate, however.
“While [impeachment] is garnering significant press attention, it remains of little concern to equity markets given that Trump’s acquittal in the Senate is a near certainty,” Robert Kerning, said J.P. Morgan trader Robert Kerning, according to CNBC.
In September, Trump warned that the stock market would take a tumble if impeachment proceedings were launched against him.
If they actually did this the markets would crash. Do you think it was luck that got us to the best Stock Market and Economy in our history. It wasn’t! https://t.co/V0WGVWEWTN
— Donald J. Trump (@realDonaldTrump) September 26, 2019
“If they actually did this the markets would crash,” Trump tweeted on September 26. “Do you think it was luck that got us to be the best Stock Market and Economy in our history. It wasn’t.”
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