“After the initial shock, we think the market rallies as Pence is a predictable, traditional, conservative choice,” CNN Business reported the firm wrote in a report published Wednesday evening.
Raymond James analyst Chris Meekins told CNN Business that the company wrote the report because people in Washington keep talking about the possibility.
“Independently, different people associated with Trump’s orbit brought this idea up unsolicited,” Meekins said.
The investment firm asserted that drug makers, defense contractors and other businesses associated with China would excel if Trump resigned, if the country believes it will impede on the chances a Democrat will win the White House or the GOP will maintain control of the Senate, CNN Business reported.
“The markets can live happily with Pence, on trade in particular,” Greg Valliere, chief U.S. policy strategist at AGF Investments, told CNN Business. “Pence would get along far better with the Chamber of Commerce and the free trade advocates. He’d shy away from tariffs.”
“Trump has become so erratic and unpredictable that it’s annoying for the markets,” CNN Business said Valliere added. “Pence is a boring, conservative, pro-business Midwesterner.”
The president has argued that his impeachment would cause the stock market to “crash.”
“Do you think it was luck that got us to the best…