Stocks Hit Record Highs as Investors Ignore Impeachment

NEW YORK, NY - DECEMBER 05: A view of the NYSE building decoration as the New York Stock Exchanges 96th Annual Christmas Tree Lighting at New York Stock Exchange on December 5, 2019 in New York City. (Photo by Jason Mendez/Getty Images)
Jason Mendez/Getty Images

The U.S. stock market shrugged off the impending impeachment vote Wednesday morning, pushing major U.S. stock indexes to record highs.

The S&P 500 moved up to 3198 to set a new high in the first hour of trading Wednesday morning. The Nasdaq Composite also hit its highest level ever. The Dow Jones Industrial Average moved higher but remained just below the all-time high set on Monday.

All three indexes retreated from the highs as the morning stretched on to trade around flat with Tuesday’s close.

The stock market has had a tremendous year. The Dow is up 19.49 percent compared with a year ago. The S&P 500 is up 25.42 percent. The Nasdaq is up 30.18 percent.

The exuberance of investors contrasts sharply with the deep divides in Washington, DC, where Democrats have used their House majority to relentlessly attack President Donald Trump and now appear certain to vote to impeach him. The stock market’s performance is even more remarkable given the inversion of the yield curve earlier this year and the mainstream media’s fearmongering about recession risks and trade tensions earlier this year.

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