Trump has named CIA Mike Pompeo to transition into the role of Secretary of State immediately tweeting today, “Mike Pompeo, Director of the CIA, will become our new Secretary of State. He will do a fantastic job! Thank you to Rex Tillerson for his service! Gina Haspel will become the new Director of the CIA, and the first woman so chosen. Congratulations to all!”
It is hard to say what Rex Tillerson, former Exxon mobile CEO and Secretary of State will do next but the bigger question everyone seems to be wondering is how this will affect American foreign policy.
Representative Nancy Pelosi of California, the House Democratic leader tweeted today: “Whenever Secretary Tillerson’s successor goes into meetings with foreign leaders, his credibility will be diminished as someone who could be here today and gone tomorrow.”
Although we do not know how this is going to affect foreign relations, defense stocks are up with Pompeo now in office. The Street cited these climbs saying that, “Military communications and aviation system manufacturer Rockwell Collins Inc. (COL) was up 0.23 in premarket trading, while Northrop Grumman Corp. (NOC) gained 0.74%, Boeing Co. (BA) climbed 0.31%, Lockheed Martin Corp. (LMT) rose 0.21%, and Raytheon Co. (RTN) was up 0.54%.”
With all the changes to the Trump administration, the market is sure to change along with it.