The Sept. 24 launch of an impeachment inquiry into President Donald Trump tossed another wild card into a volatile stock market.
Published 11:00 AM EDT Oct 7, 2019And now – impeachment?
When House Speaker Nancy Pelosi announced the start of an impeachment inquiry, the Standard & Poor’s 500 index fell 0.8% but partly recovered the following day. Detrick says the investigation likely contributed to the initial dip. But other news also may have played a role, including a pullback in consumer confidence and Trump’s United Nations speech, which adopted a tougher stance on a U.S.-China trade deal.
Yet will the specter of impeachment become another downer for stocks as the House investigation and hearings play out in the coming months? There have been three impeachment inquiries of U.S. presidents – Andrew Johnson in 1868, Richard Nixon in 1973-74 and Bill Clinton in 1998-99. Both Johnson and Clinton were impeached by the House but not removed from office by the Senate. Nixon resigned before his near-certain impeachment and removal.
“The economy was just dreadful,” Hogan says. That, he says – not the travails of Nixon, who resigned in August 1974 – is what sent stocks lower.Forbes 400: Jeff Bezos, Bill Gates and Warren Buffett remain the richest people in the USClinton’s troubles, based on charges that he lied under oath to hide an affair, similarly seemed to douse stocks. In the two months leading up to independent counsel Ken Starr’s report to Congress in September 1998, the S&P 500 fell as much as 20%.
"You have to start pricing in that an alternative political paradigm could be a real possibility," Reynolds says.
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