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What does Trump’s acquittal mean for the share market?

Tristan Harrison

US President Donald Trump has been acquitted by the Senate, what does this mean for the share market?

After being impeached by House of Representatives for abuse of power and obstruction, he was then acquitted by the Republican-controlled Senate today, although Republican Mitt Romney did vote to convict Mr Trump on abuse of power.

The S&P 500 (INX) rose by over 1% today as investors reacted to the Senate vote but also with the coronavirus continuing to feature in the news.

Across the globe, there have been 24,557 officially confirmed cases of the coronavirus, with almost 500 officially confirmed deaths. Whilst every death is tragic, global investors seem to be somewhat relieved that the spread of the infection is not accelerating. When the worst of it has passed the market usually becomes confident again.

The ASX 200 (ASX: XJO) is expected to open positively. President Trump has been called a lot of things, but it’s clear that he wants the share market to be as high as possible with lower taxes and so on. Sticking around for at least another nine months should mean a very supportive President for the US (and global) share market.

ASX investors have already received a boost when President Trump agreed with China to ease down on the trade war.

Foolish takeaway

I think what the latest goings on in the US show that the share market will keep rising over the long-term despite problems that go on. Just keep investing, stay invested and ignore the noise. Sometimes there will be volatility, but I think that’s an opportunity.

The post What does Trump’s acquittal mean for the share market? appeared first on Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020