Posted in: Market News
Published:
February 6, 2020 3:39 AM UTC

Dow Futures Shatter Record High as President Trump Skirts Impeachment

Futures on the Dow and broader U.S. stock market launched to new records Wednesday evening after the Republican-controlled Senate acquitted President Trump of all impeachment charges.

  • Dow futures rallied more than 100 points overnight, setting the stage for a strong start to Thursday trading.
  • At the current pace, the Dow looks poised to join the S&P 500 and Nasdaq in record territory once New York trading begins.
  • Efforts to impeachment Donald Trump were shot down Wednesday after the GOP-controlled Senate voted to clear the president of all charges.

U.S. stock futures hit record highs Wednesday night, after the Republican-led Senate acquitted President Trump of all charges in an impeachment battle that was fought almost entirely along party lines.

Dow Futures Rally; S&P 500, Nasdaq Follow

Futures contracts on all three major U.S. indexes traded in record territory Wednesday evening. Dow Jones futures surged 112 points, or 0.4%, to 29,353.00. S&P 500 futures climbed 0.3% to 3,345.25. Nasdaq mini futures advanced 0.4% to 9,421.50.

Dow Jones futures rose to record highs Wednesday evening. | Chart: Bloomberg

The S&P 500 and Nasdaq set new all-time highs in New York trading as upbeat economic data continued to drown out fears of a global coronavirus epidemic. Reaction to the novel disease triggered a meltdown on Wall Street last Friday, with the majors recording their worst single-day drop since August.

Senate Clears Trump of Impeachment Charges

Partisan politics were on full display Wednesday after the Republican-controlled Senate voted to clear President Trump of all charges stemming from a phone call with Ukrainian counterpart Volodymyr Zelensky.

The Democrat-led inquiry alleged that Trump pressured Ukraine’s Zelensky to investigate Joe Biden’s son, Hunter, in a way that would damage his potential opponent’s chances in the 2020 presidential election. The official charges levied at Trump were abuse of power and obstruction of Congress.

As The Wall Street Journal reports, the Wednesday vote was largely cast along party lines and fell well short of the two-thirds needed to impeach the president. Republicans control 53 of 100 seats in the Senate.

The only Republican to flip was Mitt Romney; he along with 47 Democrats voted in favor to convict on the first article of impeachment. Regarding the second article, no Republican found the president guilty.

This article was edited by Josiah Wilmoth.

Last modified: February 6, 2020 3:46 AM UTC

Sam Bourgi @hsbourgi

Financial Editor of CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE, Yahoo Finance and Forbes. Sam is based in Ontario, Canada and can be contacted at sam.bourgi@ccn.com

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