Dow Jones Industrial Average (DJIA) futures ticked higher on Monday as Trump doubled down on the impeachment fight. In a series of late-night tweets on Sunday, he leveled accusations of treason at Adam Schiff – the Democrat leading the impeachment enquiry.
The aggressive response will strengthen the resolve of the Republican party and rally Trump’s base behind him, thus boosting his re-election chances and propping up the stock market.
Dow Jones Industrial Average (DJIA) futures jumped 83 points higher in early trading Monday, pointing to a strong stock market open.
In a Sunday night tweet storm, Donald Trump targeted California Democrat Adam Schiff, the man in charge of the House impeachment inquiry. Referring to Schiff’s statements in a recent committee hearing, Trump said:
“Schiff made up what I actually said by lying to Congress… His lies were made in perhaps the most blatant and sinister manner ever seen in the great Chamber. He wrote down and read terrible things, then said it was from the mouth of the President of the United States. I want Schiff questioned at the highest level for Fraud & Treason.”
Trump claims Schiff embellished the facts of the now-infamous phone call with Ukraine president Volodymyr Zelenskiy.
As CCN.com previously reported, any major attack on Trump is likely to strengthen his base and support. Former Trump advisor Steven Banon said Trump will emerge from 2019 ‘in a much more battle-hardened position’ as a result of these attacks.
The more Democrats attack, the stronger Republicans will rally behind Trump for the 2020 election. We already know traders are nervous about a Democrat White House, so any hint of a Trump victory will buoy the markets.
“Trump’s re-election campaign will take an outsize role in pushing back on his impeachment, aggressively and with millions of dollars behind it” – NPR
By sniping back with accusations of treason, Trump is playing the classic ‘us vs them’ strategy that will harden the Republican party.
“These Radical Left, Do Nothing Democrats, are doing great harm to our Country. They are lying & cheating like never before in our Country’s history in order to destabilize the United States of America & it’s upcoming 2020 Election” – Trump.
The stock market has broadly shrugged off the threat of impeachment, largely due to how unlikely it is to happen. While the House might vote in favor of impeachment, the Republican Senate almost certainly won’t roll over on its president.