· The stock market is shrugging off risks from the possible impeachment of President Donald Trump because it seems highly likely the Senate would acquit him if the House were to impeach him.
There are possible moments of volatility for markets even though analysts do not believe the overall rally is at risk.
J.P. Morgan analysts said there are some major wild cards for the markets that could be impacted by the impeachment process — the U.S.-China trade war; Iran relations and implications for the 2020 presidential and senate elections.
· The S&P 500 notched its biggest daily gain in two weeks on Wednesday as investors shrugged off the news of an impeachment inquiry into President Donald Trump, while Nike shares jumped on upbeat quarterly results.
Nike Inc (NKE.N) shares jumped 4.2% after the company’s first-quarter results beat market expectations.
The Dow Jones Industrial Average .DJI rose 162.94 points, or 0.61%, to 26,970.71, the S&P 500 .SPX gained 18.27 points, or 0.62%, to 2,984.87 and the Nasdaq Composite .IXIC added 83.76 points, or 1.05%, to 8,077.38.
Among the day’s top sector performers were technology and communication services. The S&P 500 technology index .SPLRCT was up 1.2%, while the Philadelphia chip index .SOX gained 1.8%.
· Stocks in Asia were set to open mixed on Thursday amid hopes that the U.S. and China could strike a deal soon.
Futures pointed to a dip for Japanese shares, with the Nikkei futures contract in Chicago at 21,970 and its counterpart in Osaka at 21,900. The Nikkei 225 last closed at 22,020.15.
Meanwhile, stocks in Australia were set to open little changed. The SPI futures contract was at 6,702.0, as compared to the S&P/ASX 200′s last close at 6,710.20.
Reference: Reuters, CNBC
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