The S&P 500 notched its biggest daily gain in two weeks on Wednesday as investor...
NEW YORK - The S&P 500 notched its biggest daily gain in two weeks on Wednesday as investors shrugged off the news of an impeachment inquiry into President Donald Trump, while Nike shares jumped on upbeat quarterly results.
Democratic lawmakers on Tuesday moved to launch a formal inquiry into whether to impeach Trump, and indexes weakened briefly early Wednesday after the White House released a summary of a telephone call between Trump and Ukraine’s president that is at the center of the inquiry. Stocks rose as investors digested the news, recovering from losses on Tuesday as the impeachment push gained momentum.
“We’ll see what the Democrats do from here, whether they move forward or not. It just doesn’t appear that it’s going to be the distraction that yesterday the market thought it might become. So the market’s having a good day based on that,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York.
Helping sentiment, data showed that sales of new U.S. single-family homes rebounded more than expected in August, a sign that the struggling housing market was starting to get a lift from lower borrowing rates.The Dow Jones Industrial Average
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