Dow Jones and Indices Choppy as Trump Impeached for the Second Time
The DOW and major indices swung between gains and losses in a choppy price movement on Wednesday as the House of Representatives voted on Jan 13 to impeach President Donald Trump for the second time. Although Republican Senator Mitch McConnell said there wasn't enough time to conclude a serious trial, Democrats and some republicans moved ahead and showed their influence. As politics ruled, the DOW was kept in check despite Intel's gains, mostly due to the number of surging coronavirus cases that may increase the chances of further lockdowns.
On Jan 13th, the DOW added 55 points while the S&P 500 and NASDAQ also gained. This is amid calls by Democrats led by Nancy Pelosi and others who accuse the president of inciting the mob that breached the Capitol walls, staining what represented American democracy. For this, they wanted to cancel the president before his term ends next week—this required heavy political lobbying and breaking ranks, which happened. Because of the political uncertainty, indices gains were limited as the rising number of coronavirus infections limited Intel gains. In the future, and directly due to President-elect policies, the stock market and indices could rally as more funds circulate in the economy.
Impact on Indices:
Neutral. A smooth power transition once President Trump steps out will directly boost the markets. The focus now is on Joe Biden and how well he shall execute his agendas and curb the coronavirus's spread. Corporate tax increments and reflation would be a massive shot in the arm for companies trying to adjust after extended lockdowns.
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