Nasdaq and S&P Soar to Record Highs as Impeachment Ends in Acquittal

US President Donald Trump speaks during a rally at the Mid-America Center in Council Bluffs, Iowa on October 9, 2018. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
MANDEL NGAN/AFP via Getty Images

There should be a way to make sure President Donald Trump is acquitted every day.

Major stock market indexes were up sharply on Wednesday as the Senate prepared to vote to acquit the president of the two charges brought against him by a narrowly partisan vote in the House of Representatives. It was the third consecutive day of rising stocks.

The Dow Jones Industrial Average jumped 1.68 percent, 483 points to the nifty level of 29290. The S&P 500 rose 1.13 percent to a new record high. The Nasdaq was the laggard of the big three, rising just fourth-tenths of a percentage point, in part because Tesla shares climbed down from recent stratospheric levels. Nonetheless, this was a new record for the tech-heavy index.

The market sure has become a more exciting place as we’ve settled into 2020. The S&P 500 has posted moves of one percent or more on five days in the last two weeks, something it hadn’t done for 74 sessions prior. You can thank the coronavirus and improving economic pictures, both here in the U.S. of A. and around the globe.

The bond market’s yield curve is -till jumbled, with the two-year and five-year Treasurys yielding less than 3-month Treasurys, but the big recession indicators–the two-year to ten-year curve and the three-month to ten-year curve, remain well-behaved.

A new coronavirus case was confirmed in Wisconsin, the states first, news that might have sent stocks plunging a week or two ago. This week, however, it did not matter at all. Confirmed cases in China are near 25,000, with a death toll of around 2 percent. But the stock market has decided that while the coronavirus is bad news for China it is not about to become a global pandemic, containing its impact on financial markets, company earnings, and the global economy.

Airline stocks took off on Wednesday, with United rising 3.75 percent and American rising 2.36 percent.

 

 

 

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