An impeachment inquiry brings 'little justification' for investors to change their portfolios, JPMorgan Chase strategist John Normand said.
Tech companies weren't alone in their strong performance, as major stock indexes soared through the four months of the Clinton impeachment proceedings. The Nasdaq Composite jumped nearly 64% from the start of the inquiry to the final Senate vote. The S&P 500 rose more than 28%.GOLDMAN SACHS: Buy these 7 stocks set to offer explosive profit growth as the rest of the market slows
Clinton was acquitted in February 1999 after the Senate failed to convict him on any articles of impeachment. Despite the increased unreliability and vastly different economic backdrop, traders should follow the precedent seen in the Clinton era and allay their fears,The drama brought by an impeachment proceeding brings"little justification" for investors to change their portfolios, unless they feel"this issue is a decisive one that tips the US economy into sub-trend growth," Normand wrote in a Wednesday note.
"To us, impeachment more seems yet another constraint on returns over the next year, given the newer uncertainties created around international and domestic policy," he added."This isn't the sort of macroeconomic or political environment where single factors are likely to predict much."
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