On Thursday, just hours after James Comey’s “nothing-burger” testimony, United States equities rose to new heights — which proves that President Donald Trump escaped a massive hearing completely unscathed.
The economy trusts Trump.
The Dow Jones industrial average hit an intraday record before holding about 25 points higher, with the Goldman Sachs and Boeing contributing the most gains.
“There were no major bombshells from Comey’s testimony,” said Lindsey Bell, investment strategist at CFRA, adding the market experienced a small “relief rally” that pushed the 30-stock index to a new high.
The S&P 500 traded marginally higher, with financials rising 1.7 percent to lead advancers. Bank stocks, some of the early beneficiaries from Trump’s election, rose on Thursday, with the SPDR S&P Bank ETF (KBE) jumping more than 3 percent. Investors in the space also kept an eye on the House as they prepared to vote on the Financial Choice Act.
The Nasdaq composite advanced 0.18 percent and hit an all-time intraday high.
In his testimony, Comey said he kept records of his conversations with Trump — something he did not do when Barack Obama was president — because he thought Trump might “lie.”
“Investors are not spooked by this at all,” said Eric Aanes, president and founder of Titus Wealth Management. “The only thing that could be an issue is [potential] delays into tax cuts.”
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