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What impeachment means for stocks and the economy

As Washington prepares for a fight over allegations that President Trump pressured the leader of Ukraine to investigate political opponents, Neil Irwin of the Upshot asks: How will the political tumult affect finance?

Political headlines tend to have only fleeting effects on the markets, Mr. Irwin notes. For example, stocks declined on Tuesday, after Speaker Nancy Pelosi announced the start of an impeachment inquiry, but they rose slightly yesterday.

Stocks are driven more by economic fundamentals, like oil prices during Watergate and the dot-com boom during the impeachment of President Bill Clinton in 1998.

The question is whether there will be a feedback loop between impeachment and economic policy. For example:

• The political fight could distract Mr. Trump from his trade wars and make escalation there less likely.