Mueller report has little effect on stock markets
The Mueller report has landed, and Wall Street is shrugging.
The hotly anticipated, 448-page document released Thursday found that there were “numerous links” between Trump’s 2016 election team and Russia, but that they didn’t “conspire or coordinate” to influence the election.
In response, the S&P 500 and Dow were up 0.2 percent and 0.4 percent, respectively. The Nasdaq was little changed.
“What could have affected the market was anything that would lead to uncertainty,” said Quincy Krosby, chief market strategist at Prudential Financial. “The market does not perceive a threat from this report.”
Investors were already anticipating a clunker after Attorney General William Barr released a four-page summary of the report, which said Mueller found no evidence of collusion between Trump’s campaign and Russia ahead of the 2016 presidential election.
“The market is focused on other things,” Krosby added.
Indeed, an extended rout in health care stocks appeared to be a bigger problem on investors’ minds Thursday, as concerns about “Medicare for all” legislation in Washington tamped down enthusiasm about stronger-than-expected corporate earnings.
US markets have been closely watching first-quarter earnings and the Federal Reserve’s pivot away from rate hikes in 2019. Wall Street has also been preoccupied with the initial public offerings of Lyft, Pinterest and Zoom, as well as Uber’s intention to go public next month.
Mueller submitted his report to Barr last month following a nearly two-year-long investigation that led to criminal charges being brought against 34 people.
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