We asked 3 money managers how Trump's impeachment hearings might impact the stock market. Here's what they said.
- Impeachment hearings began in Washington D.C. Wednesday and continue throughout November.
- Amid the hearings, the stock market closed at a record high on both Wednesday and Thursday fueled by strong earnings.
- Money managers are split on what impact the hearings have had on the market, and what impact they might have going forward.
- Read more on Business Insider.
Public impeachment hearings against President Donald Trump began Wednesday in Washington D.C. with testimony from two top foreign-service officers.
On Friday, Marie Yovanovitch, the former US ambassador to Ukraine, will be the third official to testify, followed by more key players who will testify later in November. The hearings center on whether or not the president strong-armed Ukraine to look into political rival Joe Biden.So far, the stock market has all but ignored the impeachment proceedings. The S&P 500 closed at a record high both Wednesday and Thursday, boosted by a better-than-expected earnings season that's sent stocks higher.
Money managers interviewed by Markets Insider have mixed opinions on the impact the impeachment hearings have on the stock market. Some say that because it doesn't look like the hearings will lead to meaningful change, markets are largely looking past them.
Still, one said that even though markets look good right now, they'd be soaring higher if the uncertainty of the impeachment proceedings was removed.
Going forward, there are other factors that are weighing on markets, the managers said, even with fresh highs. The US-China trade war continues to drag on, and even though a phase-one deal looks close, it's far from certain.
And there could be volatility in the markets leading up to the November 2020 presidential election, the managers said. A clear Democratic leader has yet to emerge, which adds uncertainty for investors. In addition, Wall Street has made it clear that it is not happy with progressive policies proposed by Democratic presidential hopeful Elizabeth Warren.
Here's what three money managers said about the impeachment hearings and what they could mean for the stock market going forward: