US Stock Market Overview – Stock Close Mixed as House Moves Toward Impeachment
U.S. stocks were mixed on Wednesday, as the House of Representatives Prepared to impeach President Donald Trump for the second time. This impeachment will make Donald Trump the only President in U.S. history to be impeached twice. Despite this effort, there will not be a trial while Donald Trump is in office. Senate leader McConnell said he wouldn’t convene Senate early for a trial. This means the Senate will not come back into session until the day before President-Elect Biden’s inauguration. Sectors in the S&P 500 index were mixed, led higher by interest-rate sensitive Utility and real estate, and energy shares were the worst-performing sector. CPI rose in line with expectations. Oil prices moved lower following the Energy Departments’ report on inventories. U.S. interest rates declined for the first time this week.
U.S. CPI Rises In Line with Expectations
U.S. consumer prices rose in December, driven by gains in gasoline, though underlying inflation remained tame. According to the Labor Department, its consumer price index increased 0.4% last month after gaining 0.2% in November. On a year over year basis, the CPI advanced 1.4% after rising 1.2% in November. Both the month over month and year over year reports were in line with expectations. Excluding the volatile food and energy components, the CPI edged up 0.1% after climbing 0.2% in November. The core CPI was restrained by decreases in the prices of used cars and trucks, recreation, airfares and health care. The core CPI gained 1.6% year-on-year, matching November’s rise. It increased by 1.6% in 2020 after rising 2.3% in 2019.
The House Prepares for Impeachment Vote
The House of Representatives started debating whether the United States President should be impeached for a second time. House Speak Nancy Pelosi said that the President must go. He is a clear and present danger to the nation. Pelosi went on to say that she believes the Senate must convict the President, a constitutional remedy that will ensure that the republic will be safe from this man who is so resolutely determined to tear down the bedrock of the United States.