The stock market’s worst day since last September on headlines that President Donald Trump faces possible impeachment isn’t reason to panic, said Kevin O’Leary, the “Shark Tank” star and chairman of O’Shares ETF.
The Dow Jones Industrial Average plunged 372.82 points, or 1.8 percent, and the Nasdaq Composite dropped by 2.6 percent on Wednesday, a day after the New York Times reported that Trump asked former FBI director James Comey to stop looking into ties between Russia and national security adviser Michael Flynn. Trump fired Comey on May 9 and disparaged his performance as FBI director.
"This is just a pause that refreshes," O'Leary said on CNBC. “We've been waiting for a correction like this. It's not a big deal ... It's gonna go away. And I think the rally continues. I'm extremely bullish about the markets."
The market has been riding on optimism for Trump’s pro-business agenda since he won the presidency in an upset last November. As his administration gets bogged down in repeated allegations about illegal activity, such as obstruction of justice, fear grows that his policy agenda will fail or that he may be removed from office.
"We've seen this movie before. It's reaching Watergate size and scale," Sen. John McCain (R-Ariz.) said at a dinner for the International Republican Institute. "This is not good for the country."
O'Leary said Americans are still getting used to Trump, and he took advantage of Wednesday's sell-off to buy mid-cap stocks. A mid-cap company has a market value of between $2 billion and $10 billion.
"Sell them down for me, I'll buy them," he said. "At the end of the day, America doesn't care."
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