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Dow Flat as Focus Shifts to Historic Trump Impeachment Vote

Published 01/13/2021, 04:04 PM
Updated 01/13/2021, 04:09 PM
© Reuters

© Reuters

By Yasin Ebrahim

Investing.com – The Dow ended unchanged Wednesday, as political turmoil on Capitol Hill gripped investor attention ahead of the vote in the House to impeach President Donald Trump for an historic second time.  

The Dow Jones Industrial Average fell 0.03%, or 8 points. The S&P 500 was up 0.27%, while the Nasdaq Composite gained 0.43%.

The House of Representative voted 232 to 197 to impeach President Donald Trump for inciting the attack on the U.S. Capitol last week. But the trial in the Senate is unlikely to take place until after Trump leaves the White House as Senate Majority Leader Mitch McConnell rejected a call for an emergency session. The impeachment trial in the upper chamber is unlikely to get underway before Jan. 19, just a day before the inauguration of President-elect Joe Biden.  

Still, a conviction after impeachment is "unlikely to occur," Scotiabank said, as it requires a two-thirds Senate majority, meaning at least 17 Republicans would have to break ranks and vote with Democrats.

Beyond the backdrop of rising political tensions, utilities and technology stocks kept the broader market above the flatline.

Intel Corporation (NASDAQ:INTC) rallied 7% to boost tech after the chipmaker confirmed Chief Executive Bob Swan would step down next month following pressure from activist investor Third Point (NYSE:TPRE).

As well as Intel, the Fab 5 stocks also pushed tech higher.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL) traded in the green.  

But weakness in cyclicals, paced by a decline in energy, kept gains in check

Energy fell nearly 1% on weaker oil prices after data showing a rise in weekly U.S. product inventories offset a larger-than-expected draw in crude stockpiles.  

The weakness in value stocks come as daily coronavirus infections in the U.S. surged to a record high.

"The U.S. has seen a sizable resurgence of the virus as of late with the death toll reaching a new daily record of nearly 4,500. According to Johns Hopkins, the U.S. caseload has reached 22.8M with more than 380,000 deaths," Stifel said.

But further fiscal support is expected to cushion the economic fallout and boost vaccine distribution efforts.

Biden will lay out his stimulus plan on Thursday. The plan is likely to include a proposal to boost direct payments to Americans to $2,000 from $600, provide state and local aid, and fund the ongoing vaccine roll out.

"The good news is ... the economy and equity markets will likely be helped by additional stimulus spending in addition to the recovery in consumer spending that we are projecting over the course of the final three quarter of 2021," Wells Fargo (NYSE:WFC) said.

In other news, Urban Outfitters reported weaker sales over the holiday period, sending shares 6% lower. The retailer reported down sales in the two months through Dec. 31 were down 8.4% year-on-year, and announced that Trish Donnelly is set to stand down from Jan. 31.

Latest comments

Bruce Ona - 'Impeachment for what ? ' ( lol ), 'God given constitutional right', 'Jesus is bringing justice' Why don't you go for a nice walk ? It might help clear your befuddled 'mind' & with a bit of luck you'll fall off the edge of your flat Earth, you pointless, deluded, religious, orange-tinted nut-job. Fact !!! lol
Dow Flat as Opex coming is the correct title
Impeachment for what?  It is our God given constitutional right to protest peacefully. Because left wing democratic BLM and antifa Biden supporters do not and a few Republican Trump supporters do not does not mean we impeach them.  That is such a communist and tyrannical response to political opposition that reveals the evil behind the Democratic Party. Jesus is bringing justice against these anti-American and anti-God politicians. In the meantime I will continue to protest peacefully as always and encourage others to do the same no matter how much the left wing democratics threaten, harass and pour out their hate speech on me.
It is against the law to foment a riot (last Weds.) A peaceful protest would have been acceptable. Last Weds. there were 5 fatalities , vandalism, other injuries, and mass disregard for the law, generally. Impeachment for The POTUS's actions Weds., should not be sufficient reparation. A prison term needs to be applied here.
 in Minnesota Biden supporting BLM and antifa burned down 1000 buildings, looted them and assaulted any human beings in their way. They also burned down the Minneapolis Police precinct. The democratic politicians let them do it and did not arrest them. Then the democratic politicians voted to defund the Police.  This can be seen as sedition against the United States. If you support impeaching Trump who called in the national guard to stop the illegal break in at the Capital, you will have to much more support impeaching all democrat politicians who support these mobs also. But I doubt you are fair or non partisan. Exactly What violence did Trump tell his supporters to commit?
 Trump lied in his speech about calling the National Guard. The democrats did not vote to defund the police. Constant lies that he has so many believe. Trump has created this horror with his constant incendiary rhetoric and threats.
US Government Corruption Index = 197/435= 45.3 %. (0 is acceptable.) >5% means continuing BAD NEWS. Let's see if the Dems can do better than 45.3 , by 2024.
This “impeachment” is a cheap political circus, quite common in 3rd world countries.
Why would Trump problem make the market bearish? He's already leaving
Trump problem MIGHT lead to higher capital gains (stock trading) TAXES = LESS MONEY for stock investing= lower stock valuations (POSSIBLE flat or bear market). Note: For best explanation, see your financial advisor.
Kim Jong-un is not longer the craziest person with possession of nuclear weapons......
domestic *****attacked the capital and those REPUBLICANS can not prosecut the ring leader.
There is not going to be any impeachment. The hunters are the ones being hunted right now. Fake news trying to switch things around again. Get informed people, break the MSM chains.
Vapid
The house just impeached Trump.
They are threatened by President Trump, they are afraid to lose their power... this is all about communism...
I do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties of the office on which I am about to enter: So help me God.
that's the point.197 Republican House members.just failed to do what they have sworn on a Bible to up hold, defend against all enemies of America and the Constitution, foreign and Domestic. They have betrayed that oath.
 Do you hold Biden responsible for  left wing antifa and BLM who loot, burn down our cities, block our roads, assault and shoot Trump supporters? I didn’t think so hypocrite!
 This occurred on Trump's watch. There were also right-wing elements such as The Proud Boys, boogalooBoys, Qanon, etc. involved as well.
sad, those who took the oth of office, can not do their work. let me quote "I do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties of the office on which I am about to enter: So help me God."
Stupp.id waste of time. Red Terror. They want to tell to all conservatives: "we can get the POTUS, comply or you are next." frightening
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