Trump, Manafort, Cohen, And Markets

Political risk suddenly surfaced in the U.S. stock market on Tuesday. It was one-two punch of breaking headline news. First, the President’s former personal lawyer Michael Cohen pleaded guilty to criminal charges and directly implicated the President in payments made “for the purpose of influencing the election”. On the very same day, former Trump campaign chair Paul Manafort was found guilty by a jury on eight counts of fraud. These two headlines sent the S&P 500 Index down more than 20 points from the all-time highs it spent nearly seven months climbing all the way back to reclaim. Depending on how things unfold, could political risk become a mounting problem for the U.S. stock market going forward?

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