Thursday, 12 Dec 2019

Impeachment Fizzles, Stock Market Soars

In New York City on Wednesday, the day before Thanksgiving, the Dow Jones Industrial Average soared to 28,164, a new record.  Each of the three major U.S. stock indexes hit new highs, and the S&P 500 hit its longest streak of weekly gains in two years.  It was a huge day for the economy.

The Dow Jones Industrial Average hit an all-time high Wednesday of 28,164.

stock traders

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The Dow Jones Industrial Average closed up 42.32 points or 0.15% at 28,164.00 for a record.

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The S&P 500 gained 13.11 points or 0.42% to 3,153.63.

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The Nasdaq ended up 57.24 points or 0.66% at 8,705.18.

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Big numbers

 So far this year, the S&P 500 is up about 25%, while the Dow has risen nearly 21%. The S&P 500 has hit more than 12 record highs in this past month alone.

Brad McMillan, chief investment officer at Commonwealth Financial Network, said, “Generally speaking, a string of new highs reflects both optimism and strong demand for stocks, and that trend is likely to continue.”

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Most legal experts believe the Trump presidency will survive. Democrats, and progressives in the media are now claiming they always knew the Senate would never convict, but only a few weeks ago they were saying that the televised hearings would sway public opinion and pry loose enough GOP senators to sink Trump.  The clear winner of the hearings was Donald Trump as day after day their efforts Fizzled.

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As hard as they tried, House Democrats were not able to pull off the potent impeachment effort that experts had feared would tank Wall Street. Instead, as their public hearings plod along the stock market is soaring and America is going about its business.

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The record close Wednesday is an indicator that the Trump economy continues to chug along creating jobs and growth. The market’s sigh of relief and record highs as the fear of possible removal of Trump fizzled show that investors are comfortable with Trump in the White House, and still feel rather bullish.

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