Politics

GOP senator: Stocks are a 'pretty good reflection' of how Americans feel about Trump impeachment

Key Points
  • Sen. Kevin Cramer views the stock market heading higher as an indication that Americans are not troubled by President Trump's impeachment.
  • "I think the markets are a pretty good reflection of the public," says the North Dakota Republican.
  • The roaring stock market seems to be ignoring the politics of impeachment, betting on a Clinton-like outcome.
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Sen. Kevin Cramer: Markets reflect public opinion about Trump impeachment

Sen. Kevin Cramer told CNBC on Thursday he views the stock market heading higher as an indication that Americans are not troubled by President Donald Trump's impeachment.

"I think the markets are a pretty good reflection of the public," the North Dakota Republican said on "Squawk Box," a day after the House impeached Trump. The market "baked in that this was going to happen," he added.

The S&P 500 opened higher Thursday, and hit another all-time intraday high in late morning trading. The index, just inches away from 3,200, is having its best year since 2013, with gains of more than 27% in 2019.

The roaring stock market seems to be ignoring the politics of impeachment — instead focusing on last week's phase-one trade deal between the United States and China and a U.S. economy that appears to be re-accelerating.

"The markets and the voters and the citizens, the investors have baked all of that in and have a great deal of confidence," Cramer added.

The Democratic-controlled House on Wednesday night voted to impeach Trump, following a three-month investigation into the president's dealings with Ukraine. The proceedings now move to the Senate for a trial.

"When the adults on the other side of the Capitol, here in the United States Senate, take control of the situation ... we'll be able to restore some order," Cramer said on "Squawk Box."

No Senate Republicans, who hold the majority, have signaled they would vote to remove Trump from office over the abuse of power and obstruction of Congress impeachment articles.

The market has been gaining ground throughout the Trump impeachment process as Wall Street bets on a Clinton-like outcome.

Former President Bill Clinton was impeached by the House in December 1998 and acquitted by the Senate in February 1999. During that period, the S&P 500 rose more than 26%.

Similarly, since House Speaker Nancy Pelosi announced a formal impeachment inquiry into Trump, the S&P 500 is up about 7%.

— CNBC's Maggie Fitzgerald contributed to this report.