Dow, S&P 500 and Nasdaq Close at Records as Wall Street Shrugs at Trump Impeachment

The three major indexes set closing and intraday record highs as Wall Street looks past the impeachment of the president by the House of Representatives.
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  1. Stocks set closing and intraday records Thursday even after the House of Representatives voted to impeach President Donald Trump for abuse of power and obstruction of justice
  2. Micron Technology is Real Money's Stock of the Day. The maker of memory chips posted fiscal first-quarter earnings that topped analysts' estimates and said that its fiscal second quarter "will be the cyclical bottom for our financial performance."
  3. Conagra Brands reported second-quarter earnings that topped analysts' expectations and said nearly 20% of its sales increase was attributable to the acquisition of Pinnacle Foods.

The three major indexes set closing and intraday records  even after the House of Representatives voted to impeach President Donald Trump for abuse of power and obstruction of justice.

The Dow Jones Industrial Average finished up 137 points, or 0.49%, to 28,376.82, the S&P 500 climbed 0.44% to 3,205.34, and the Nasdaq rose 0.67% to 8,887.22. The Nasdaq has risen for seven straight sessions.

Cisco (CSCO) - Get Report, 3M (MMM) - Get Report, and Intel (INTC) - Get Report were the Dow's top gainers.

The impeachment process has had little effect on Wall Street since it's widely expected the Senate won't vote to remove Trump from office.

Stocks ended narrowly mixed Wednesday, with the Nasdaq setting an all-time closing high, while the Dow and S&P 500 each slipped after closing at records Tuesday. The lower closes for the Dow and S&P 500 put an end to their five-day winning streaks. The S&P 500, however, did reach an all-time intraday high during the session.

Jim Cramer, in a column for Real Money, wrote why impeachment doesn't seem to have a big impact on the stock market. The impeachment and trial of Trump, Cramer wrote, has nothing to do with the price-to-earnings ratio of Bristol-Myers Squibb or any other stock for that matter.

Micron Technology (MU) - Get Report rose Thursday after the maker of memory chips posted fiscal first-quarter earnings that topped analysts' estimates and said that its fiscal second quarter "will be the cyclical bottom for our financial performance."

Micron said it expected second-quarter adjusted earnings of 29 cents to 41 cents a share on revenue of $4.5 billion to $4.8 billion. Analysts had been calling for profit of 39 cents a share on revenue of $4.75 billion.

“With our strong execution and improving industry conditions, we are optimistic that Micron’s fiscal second quarter will be the cyclical bottom for our financial performance,” said Micron President and CEO Sanjay Mehrotra.

Darden Restaurants (DRI) - Get Report was lower after the operator of Olive Garden restaurants posted a gain of 2% in fiscal second-quarter same-store sales, below analysts' estimates.

Conagra Brands (CAG) - Get Report reported second-quarter earnings that topped analysts' expectations and said nearly 20% of its net sales increase was attributable to the acquisition of Pinnacle Foods. The stock leaped 16%.

The Philadelphia Federal Reserve's manufacturing index declined in December to its lowest level in six months. The index dropped to 0.3% in December from 10.4 in November and below the reading of 8 expected by economists.

The National Association of Realtors said existing home sales in November fell 1.7% to a seasonally adjusted annual rate of 5.35 million units. Expectations were that existing homes sales would decline 0.2%.