President Donald J. Trump was impeached by the House of Representatives Wednesday evening.
The House approved two articles of impeachment -- one for abuse of power and the other for obstruction of Congress -- almost entirely along party lines.
The impeachment grew from Trump’s decision to withhold military aid to the Ukraine for its war with Russia, unless the country’s new president agreed to announce an investigation of potential 2020 Democratic party presidential nominee Joe Biden’s family.
The House judiciary committee voted out the articles of impeachment earlier this month. Trump refused to cooperate with the investigation.
Trump is only the third U.S. president to be formally impeached. The others were Andrew Johnson, in the 1860s, and Bill Clinton in the 1990s. Richard Nixon resigned from office in 1974 before the House could hold a formal vote on the articles of impeachment drawn up against him in connection with the Watergate scandal.
Trump is expected to face trial in the U.S. Senate sometime early next year.
Senate Majority Leader Mitch McConnell, R-Ken., has said there is no way that Trump will be convicted. A vote to convict requires a two-thirds majority of the Senate. Republicans hold a 53-47 majority in the Senate.
Wall Street has seen no significant reactions to the impeachment process. U.S. stock indexes ended narrowly mixed Wednesday, with the Nasdaq Composite setting an all-time closing high, while the Dow Jones Industrial Average and S&P 500 each slipped after closing at records Tuesday.
Over on Real Money, Jim Cramer writes about why impeachment doesn't seem to have a big impact on the stock market. The impeachment and trial of Trump, Cramer writes, has nothing to do with the price-to-earnings ratio of Bristol-Myers Squibb (BMY) - Get Report or any other stock for that matter. Get more of his insights with a free trial subscription.