Stocks Inch Higher as Investors Look Ahead to Impeachment Vote
Lawmakers are set to vote on impeaching Donald Trump in his final week in office.
The Dow and broader U.S. stock market rose on Wednesday in a session marked by tepid trading, as investors assessed the likelihood of Donald Trump being impeached during his final week in office.
Wall Street’s major indices finished mostly higher, with the S&P 500 Index (SPY) climbing 0.2% to close at 3,809.84. Seven of 11 primary sectors reported gains, led by utilities and real estate.
The technology-focused Nasdaq Composite Index (QQQ) climbed 0.4% to close at 13,128.95.
Meanwhile, the Dow Jones Industrial Average (DIA) flat-lined at 31,060.47, where it was virtually unchanged for the day.
A measure of implied volatility known as the CBOE VIX (VXX) edged lower on Wednesday. The so-called “investor fear index” reached an intraday low of 21.92 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 4.8% at 22.21.
In economic data, consumer prices rose slightly in December but remained well below the central bank’s target rate of 2%. The consumer price index rose 0.4% in December and 1.4% annually, the Department of Labor reported Wednesday.
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So-called core inflation, which strips away volatile goods such as food and energy, edged up 0.1% on month and 1.6% annually, official data showed.
The Final Word: As The Wall Street Journal reports, House lawmakers are scheduled to vote Wednesday on whether to impeach President Trump. Joe Biden is set to be inaugurated on Jan. 20.