U.S. Stocks Rise Despite Impeachment Showdown
Some investors are calling Trump's expected impeachment a "non-event"
U.S. stocks gained as investors digested a flurry of corporate news, an impeachment vote loomed and trade worries retreated. Treasuries slipped and the British pound weakened.
The S&P 500 Index crept upward Wednesday, a day after reaching another record amid positive U.S. factory and housing data. Tech shares led the benchmark higher, while FedEx Corp. slid following a cut to its forecast. With few big economic headlines imminent, and much of the U.S. focused on the impeachment vote, investors may take a wait-and-see stance as the holidays near.
“We think it’s largely going to be a non-event,” Candice Bangsund, a vice president and portfolio manager at Fiera Capital, said of the impeachment. “It’s going to be the story likely for the next two to three weeks, and then it will be ancient history and we’ll be moving on to the elections, to trade negotiations.”
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