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Stock market rallies despite Trump’s impeachment
The US market has continued to rally, ignoring Trump’s impeachment trial and instead focusing on Biden’s stimulus package, an expert has said.
Stock market rallies despite Trump’s impeachment
The US market has continued to rally, ignoring Trump’s impeachment trial and instead focusing on Biden’s stimulus package, an expert has said.

The market is continuing its rally, with the S&P500 now up 75 per cent from its lows during the height of the COVID-19 pandemic, while the NASDAQ100 has doubled.
Chief executive and founder of deVere group Nigel Green believes investors are unfazed by the political tension and are instead focusing on Biden’s economic support package.
The comments from Mr Green come as the Senate declares the second impeachment trial for the former president as constitutional, despite calls from Republicans to reject proceedings.
Democrats now have up to 16 hours over the next two days to make their case in the Senate to convict Trump.

“The second impeachment of a US president – a major, far-reaching political event in the world’s largest economy – would normally have Wall Street and stockmarkets around the world in a tailspin,” Mr Green said.
“But this is not the case.
“Shares in Asia Pacific were higher on Wednesday, with Chinese stocks leading gains among the region’s major markets. The pan-European Stoxx 600 moved marginally above the flatline at the opening, while US futures point to new record highs.”
Mr Green believes markets are shrugging off the impeachment noise because Trump’s chances of acquittal remain high.
Instead, he opined the market is looking towards the US$1.9 trillion stimulus package outlined as part of Joe Biden’s plan to bail out the US economy.
“Unless the Democrats are unable to get through another round of fiscal stimulus because of the proceedings, it’s likely that markets will continue to ignore the Senate.
“Investors’ focus is on President Biden’s proposed stimulus package, specifically whether it will be watered down and when it will be rolled out – with the hope it will be sooner rather than later.
“In addition, they are looking ahead to see the Biden administration’s policies in action and what they really mean for what sectors and industries,” he said.
Mr Green said investors will also be eyeing the release of January’s CPI figures as they attempt to predict when US inflation will overshoot due to the fiscal stimulus.
Treasury Secretary Janet Yellen and Federal Reserve chair Jerome Powell have both been keen to play down the risk of higher inflation from the stimulus. However, rising Treasury yields and measures of inflation expectations indicate otherwise.
The deVere CEO concludes: “It may be round two for impeaching Trump, but it’s set to have very little impact on markets. They just aren’t fazed. They’re looking ahead, not back.”
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