“Jack Welch, the former CEO of General Electric who has President Donald Trump’s ear, told CNBC on Wednesday that an impeachment would crush the stock market,” Matthew J. Belvedere reports for CNBC. “‘An impeachment proceeding would blow the market away,’ Welch said on ‘Squawk Box.'”
“Welch also said Trump’s firing of James Comey as FBI director was a ‘rookie mistake,'” Belvedere reports. “The botched Comey firing is an example of Trump’s inexperience in running a bureaucracy, the executive chairman of Jack Welch Management Institute said… The president should have loved Comey ‘on the way out’ as much as ‘he loved him on the way in,’ Welch said, instead of calling the former FBI director incompetent.”
“The latest Trump crisis put some pressure on U.S. stock futures early Wednesday. The dollar index hit lows not seen since early November. Gold rose to two-week highs, while U.S. bond yields sank to two-week lows,” Belvedere reports. “However, the S&P 500 and Nasdaq closed at record highs earlier this week, and they’re both up strongly since Trump won the election. The Dow Jones Industrial Average also remains sharply higher since the election, and less than 1 percent away from a record as of Tuesday’s close.”
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“Welch said he would give Trump an ‘A’ on the policy front and in his Cabinet and Supreme Court picks. He cited as an example former Exxon CEO and now Secretary of State Rex Tillerson,” Belvedere reports. “Welch said he’d also give Trump an ‘A’ for boosting morale among business owners and consumers. ‘There’s an air of confidence,’ he said, advising the president to stay on message. ‘Stay on jobs. Stay on health care. Stay on tax reform.'”
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“The U.S. stock market ‘already assumes’ President Donald Trump will be impeached, strategist Boris Schlossberg told CNBC on Wednesday,” Berkeley Lovelace Jr. reports for CNBC. “CNBC’s Joe Kernen responded to Schlossberg’s comment, calling it ‘ludicrous.'”
If you have President Pence and a Republican Congress, you have a much greater chance for a very capital-friendly agenda of tax reform and fiscal spending before the election of 2018. – Boris Schlossberg, BK Asset Management
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MacDailyNews Take: Opinions on what’s priced in and prognostications about what will happen in the future are, as usual, all over the map.
Washington D.C. works like the human body. Its immune system goes into overdrive to attack any outsider that it perceives as a threat to its well-being, regardless of whether that outsider is an actual threat, like a germ, or not, like a heart transplant.
SEE ALSO:
U.S. companies push Trump administration hard for lower tax rate on offshore profits – May 15, 2017
President Trump fires FBI Director James Comey who called for iPhone backdoor – May 9, 2017
Apple’s unequaled $250 billion cash pile draws calls for buybacks, acquisitions as President Trump’s tax revamp looms – May 1, 2017