“Stocks set closing and intraday records Thursday even after the House of Representatives voted to impeach President Donald Trump,” Joseph Woelfel for TheStreet:
The Dow Jones Industrial Average finished up 137 points, or 0.49%, to 28,376.82, the S&P 500 climbed 0.44% to 3,205.34, and the Nasdaq rose 0.67% to 8,887.22. The Nasdaq has risen for seven straight sessions.
The impeachment process has had little effect on Wall Street since it’s widely expected the Senate won’t vote to remove Trump from office.
“The impeachment and trial of President Trump has nothing to do with the price to earnings ratio of Bristol-Myers or any other stock for that matter,” Jim Cramer writes for TheStreet’s Real Money:
I know many of you are probably astonished at what you may think is the cavalier way the averages plow higher despite the horrific headlines and a level of discord and rancor seemingly rivaled only by the lead up to the Civil War, or the War Between the States, depending upon your geographic orientation back then.
So why doesn’t it matter more?
One thing that I find quite helpful in explaining why we could have such a strong rally right into the proceedings is that president will most likely be found innocent in the Senate… But when you compare this to the Clinton debacle this seems tame when it comes to drama, lame when it comes to outcome. The crimes Clinton was charged with were obvious and criminal… 31 House Democrats voted with the Republican majority to impeach… That’s why I believe the averages did get hit during the trial of a popular president who presided over an economic boom.
So forgive me if I emphasize it again, but the impeachment and trial of President Trump has nothing to do with the price to earnings ratio of Bristol-Myers or any other stock for that matter.
MacDailyNews Take: Wall Street does seem utterly unaffected by all of the Sturm und Drang emanating from Washington D.C. Shares of Apple today closed up $0.28 (+0.10%) at $280.02 after yesterday setting a new all-time intraday high of $281.90.
[Thanks to MacDailyNews Readers too numerous to mention for the heads up.]