“The market was concerned about the information that Comey will bring and the President has, to a degree, come away clean enough that he will not end up in any sort of impeachment issue,” Phil Blancato, CEO of Ladenberg Thalmann Asset Management, told Reuters.
Market observers were concerned that a negative testimony would derail Trump’s ability to fulfill his pro-growth agenda, like lower taxes and deregulation, which have helped support the post-election rally to record highs.
Investors gained clarity on the U.K. general election where British Prime Minister Theresa May’s Conservative Party lost its parliamentary majority.
“For the U.S. investor, I don’t think much has changed,” Quincy Krosby, market strategist at Prudential Financial, told the Wall Street Journal. “This is more a domestic issue for the U.K. The U.S. market is still attractive.”
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