After a relatively flat day of trading Wednesday, U.S. stocks resumed their climb on Thursday, as the three major indexes once again recorded a trio of record closes. Consumer staples and tech stocks led the charge after key sector names offered further proof that economic growth remains solid.
Interestingly, the impeachment of President Trump Wednesday evening by the U.S. House seems to have had little-to-no impact on U.S. markets. The third U.S. president ever to face an impeachment trial, Trump has little chance of being convicted in a trial to be held January in the Republican-held Senate. For now, analysts and investors are managing to tune out the political noise. In Canada, the TSX notched modest gains Monday and Tuesday, buoyed by the preliminary U.S.-China trade deal, which should bode well for global growth and help drive up oil prices. The TSX was down on Wednesday, however, as both gold and oil prices weakened. Meanwhile, the loonie climbed to a seven-week high against the greenback on Wednesday after data showing an increase in underlying inflation reduced the likelihood for a near-term interest-rate cut by the Bank of Canada.
In the U.K., the pound fell sharply against the U.S. dollar Tuesday–its steepest daily decline in more than a year over mounting fears of a no-deal Brexit. The slide continued on Wednesday as sterling declined an additional 0.4%. Last week, the pound hit its highest level since May 2018 after exit polls indicated that Boris Johnson was en route to a landslide victory in the general election.
Finally, the Stoxx Europe 600 index gained 1.4% on Monday to reach its first new high in four years, although the index surrendered ground in the next three trading sessions.
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source https://richarddri.ca/u-s-markets-continue-to-climb-unfazed-by-trump-impeachment/
Dri Financial Group 