Wall Street ends with slight gains as Trump impeached a second time

January 14, 2021 - 6 days ago
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Major U.S. stock indexes closed mostly higher Wednesday following another choppy day of trading, leaving the market near its recent record highs.

Political uncertainty continues to engulf Washington as Congress began President Donald Trump’s impeachment hearings.

Just over a year ago, the House of Representatives impeached Trump the first time without a single Republican vote.

This time around, in a historic vote, the House of Representatives on Wednesday made Donald Trump the first U.S. president ever to be impeached twice, formally charging him with inciting an insurrection just a week after a violent mob of his supporters stormed the Capitol.

It marked the first time in the 231-year history of the United States that a president has been impeached twice in his term.

The impeachment article, for “incitement of insurrection,” was adopted by the Democratic-controlled House, 232 to 197, after several hours of debate.

A group of 10 Republicans joined Democrats in voting to impeach Trump.

Trump will be tried in the Senate, which may not even convene until Jan. 19, one day before leaving office.

At the finishing bell, on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell -8.22 points, or -0.03%, to 31,060.47, after fluctuating between small gains and losses throughout the day.

The broad-based Standard & Poor’s 500 Index rose +8.65 points, or +0.23%, to 3,809.84, while the rich-tech Nasdaq Composite advanced +56.52 points, or +0.43%, to 13,128.95.

Wednesday’s gains for the S&P 500 and Nasdaq came after Intel rallied nearly +7% to lead tech stocks higher.

They also followed U.S. interest rates easing from their highest levels since March 2020.

The benchmark 10-year note yield slipped to 1.09% a day after hitting a high of 1.18%.

That decline in rates came as two key Federal Reserve officials noted that monetary policy would remain easy for the foreseeable future.

Fed Vice Chairman said the central bank wouldn’t raise rates until inflation reaches 2%.

Meanwhile, St. Louis Fed President James Bullard noted there would be a time when the policy would have to be tightened, “but boy, I wouldn’t want to put a specific date on things at this point.”

President-elect Joe Biden is expected on Thursday to release details of his plan to support the economy, that could include bigger cash payments to most Americans.

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