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Wilbur Ross: Trump Impeachment Would Crush Stocks

Wilbur Ross: Trump Impeachment Would Crush Stocks
(AP)

By    |   Friday, 01 November 2019 10:00 AM

Commerce Secretary Wilbur Ross warns that the stock market will plunge if the House of Representatives follows through on the impeachment of President Donald Trump.

Ross was agreeing with Trump, who said Thursday that the impeachment “hoax” was hurting the stock market and Democrats don’t care.

Trump made the comment hours before a deeply divided U.S. House of Representatives took a major step in the effort to impeach him when lawmakers approved rules for the next, more public, stage in the Democratic-led inquiry into Trump's attempt to have Ukraine investigate a domestic political rival.

"The Impeachment Hoax is hurting our Stock Market. The Do Nothing Democrats don’t care!" he tweeted early in the day before the vote.

“It’s 100 percent true,” Ross said on Fox Business Network’s “Mornings with Maria” in an interview with Neil Cavuto.

“Look what the market has done since he came in. Now sure, there are occasional glitches in it, but that’s the way markets are,” Ross said.

The S&P 500 has rallied 42.6 percent since Trump's election victory on Nov. 8, 2016, the network said.

Meanwhile, in the first formal test of support for the impeachment investigation, the Democratic-controlled House voted almost entirely along party lines - 232 to 196 - to move the probe forward in Congress.

The vote allows for public impeachment hearings in Congress which are expected in the coming weeks and portends a bitter battle ahead as the United States heads into a presidential election year.

Democrats who accuse Trump of abusing his office and jeopardizing national security for personal political gain were almost unanimous in approving Thursday's measure but they did not pick up a single Republican vote.

Thursday’s tweet wasn’t the first time the president blamed the impeachment inquiry for market declines. He mentioned it Oct. 2, when the S&P 500 was in the throes of its biggest two-day drop in a month -- a sell-off sparked by weak readings on manufacturing and hiring. The index subsequently rallied 5.5% through Wednesday and opened higher Friday.

As for tariff negotiations, a so-called “phase one” trade deal between the U.S. and China has already been cast into doubt after Chile canceled an upcoming summit where Trump and Xi Jinping had planned to meet, though Trump tweeted the two sides are seeking a new location, Bloomberg reported.

“The notion that there will be a phase 2 and phase 3 is equal parts naive and hopeful,” Mark Stoeckle, chief executive officer and portfolio manager of the Adams Funds, said in an interview at Bloomberg’s New York headquarters. “They think they can wait out Donald Trump, that if he isn’t elected that somebody else will be easier to deal with. But I think the new reality is we’ll be at a trade war with China for a very, very long time.”

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Commerce Secretary Wilbur Ross warns that the stock market will plunge if the House of Representatives follows through on the impeachment of President Donald Trump.
wilbur ross, trump, impeachment, stocks
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2019-00-01
Friday, 01 November 2019 10:00 AM
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