What would U.S. stocks do if President Trump suddenly resigned? Based on recent price action, the answer is clear: Rally 3-5%, at least, over a day or two. U.S. equities see through the headlines (like the Comey firing) and essentially believe two things. First, corporate earnings are growing nicely. Second, the Republican-led Congress needs to pass tax reform by the 2018 midterm elections.
~ Nick Colas, chief market strategist, Convergex, May 12, 2017
(See "Here's why stocks could rally if Trump heads for the exit, MarketWatch.com, May 12, 2017.)