Stocks were up a bunch on Friday when the news came out that special counsel Robert Mueller had gotten an indictment against 13 Russian nationals and three Russian companies for allegedly interfering in the 2016 American presidential elections.
But then they closed relatively flat, and the Nasdaq was off a bit.
The first thing I should say is that the massive stock rally last week — following an even more massive decline the week before — was helped a lot by the fact that it was one of those options-expiration periods.
Traders tend to mark up stock prices during such weeks and this time they did it with a vengeance.
Anyway, I’ve been telling you the chaos in Washington was not a good thing for Wall Street.
And Friday proved that.
I’ve also been saying that the Democrats are going to regret their “resistance” to the Trump administration and their insistence on investigations because more dirt was likely to come out on them than on anyone in the Trump camp.
Mueller’s indictment doesn’t indicate that anyone connected with Trump knowingly had anything to do with what the Russians were doing. It did say these Russians “communicated with unwitting individuals associated with the Trump campaign.”
The indictment also said that after the election, these Russians helped organize and support both pro- and anti-Trump rallies. What rascally devils those Russians are.
I don’t know if Mueller is finished. But I do know this: There is a lot of stuff that will still come out about what US intelligence did during the campaign to help the candidacy of Hillary Clinton.
As I said way back, top FBI officials were on Clinton’s side. And the rank and file FBIers who worked the investigation of her e-mails didn’t like that.
So a lot of folks are probably flapping their gums and giving information.
With the Republicans now controlling the Justice Department, there is likely to be more chaos in Washington. And Wall Street isn’t going to like that, either.