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Donald Trump Impeached, Dow Jones Steady with 8 Points Loss

On Wednesday, President Donald Trump became the first president in US history to be impeached twice.

SageFX - Jan, 14, 21

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Principal Points

  • Second impeachment for President Trump
  • Stricter security in the American capital

President Donald Trump became the first president in US history to be impeached twice. On Wednesday, the House of Representatives Speaker Nancy Pelosi and 232 other members of Congress made history by impeaching President Trump on a single article related to “high crimes and misdemeanours” for the incitement of last week’s insurrection on the US Capitol. Unlike the last impeachment vote, this one was not strictly partisan as 10 House Republicans joined the Democrats.

A little over a year ago, Donald Trump was impeached for the first time and no Republicans voted in support of the impeachment. What is remarkable and what will be recorded as a breakthrough moment is the fact that ten members of the President’s party stood up and unequivocally condemned the President.

At present, the focus is on the Senate which is expected to continue the impeachment process. A two-thirds majority is required to remove the President from office. In a formal procedure, House Speaker Nancy Pelosi will hand the article to the Senate represented by Mitch McConnell, the current Senate majority leader. Mr. McConnell has a few more days left in this role and he has made it clear that he does not intend to start any trial until next week. Oddly, by that time he will no longer be the Senate majority leader. Indeed, last week the Democrats won the two key Senate runoffs in Georgia so, by next week, Vice President Kamala Harris will be the President of the Senate. In this capacity, she will be able to cast tie-breaking votes and therefore we are going to see an impeachment trial taking place in a Democrat-controlled Senate while Joe Biden is in the White House.

President Trump Describes Protestors as Special

President Trump, who has his Facebook, Twitter, and YouTube accounts suspended, used the YouTube account of the White House to appear in a video where he did not address the impeachment but talked about the “censorship of free speech”. Mr. Trump addressed last week’s violence while he also stated that there have been reports about more potential violence during next week’s inauguration week. Mr. Trump said he condemns the violence that occurred in the Capitol. Last week, as the violence was unfolding, the President posted a video to his Twitter account saying that the protestors were special.

Concerns about safety not only on Capitol Hill but throughout the city have been spreading and as a result, there are thousands of armed members of the National Guard patrolling during a typically celebratory time before the inauguration of the next President.

In light of current political events, investors seem unfazed by the ongoing uncertainty in Washington. On Tuesday, The Dow Jones Industrial Average moved to the downside by 8.22 points, or 0.03%, effectively consolidating above the 31,000 mark. The S&P500 posted a modest gain of 0.23%, while the Nasdaq Composite rose by 0.43%. Stock-index futures for the Dow, S&P, and Nasdaq indicate a mixed, relatively flat open.