Dow tacks political tensions as House prepares impeachment vote By

© Reuters.

By Yasin Ebrahim – The Dow jumped between profit and loss on Wednesday as investors weighed the Intel-led technology rally against current political uncertainty and a record surge in infections that threaten new restrictions. He was up 0.18%, or 55 points. He was up 0.36%, while he gained 0.56%. The House of Representatives is ready to vote to impeach President Donald Trump for inciting the attack on the United States Capitol last week. But the Senate trial is unlikely to take place until after Trump leaves the White House, as current Senate Majority Leader Mitch McConnell is not expected to reconvene the Senate early, The Wall reported. Street Journal. Still, a post-impeachment conviction is unlikely, Scotiabank said, as it requires a two-thirds majority in the Senate, meaning that at least 17 Republicans would have to break ranks and vote with Democrats. Beyond the backdrop of mounting political tensions, utilities and technology stocks kept the overall market above the flat line. Intel Corporation (NASDAQ 🙂 rallied 7% to push the technology forward after the chipmaker confirmed that Chief Executive Officer Bob Swan would resign next month under pressure from activist investor Third Point (NYSE :). In addition to Intel, Fab 5 shares also drove the technology higher. Apple (NASDAQ :), Microsoft (NASDAQ :), (NASDAQ :), Facebook (NASDAQ 🙂 and Alphabet (NASDAQ 🙂 all traded green. But cyclical weakness, driven by a drop in energy, kept earnings in check. The weakness in value stocks comes as daily U.S. coronavirus infections spiked to a record high. “The United States has seen a considerable resurgence of the virus lately with the death toll reaching a new daily record of nearly 4,500. According to Johns Hopkins, the number of cases in the United States has reached 22.8 million with more than 380,000 deaths.” Stifel said. But increased fiscal support is expected to cushion the economic fallout and boost vaccine distribution efforts. President-elect Joe Biden will present his stimulus plan Thursday. The stimulus plan is likely to include a proposal to increase direct payments to Americans from $ 600 to $ 2,000, provide state and local aid, and fund the launch of the ongoing vaccine. “The good news is that … the economy and equity markets are likely to be helped by additional stimulus spending in addition to the recovery in consumer spending that we are projecting over the course of the last three quarters of 2021,” Wells Fargo (NYSE 🙂 said.

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