US stocks fall from record highs as House Democrats introduce articles of impeachment

January 23, 2021

Jim Lo Scalzo/Pool via AP

  • US stocks retreated from record highs on Monday as House Democrats introduced articles of impeachment, accusing President Trump of inciting an insurrection.
  • Bitcoin entered a bear market on Monday after the crypto asset declined 20% from its recent high of more than $40,000.
  • Watch major indexes update live here.

US stocks retreated from record highs on Monday as the fallout from last week’s Capitol riots continued.

President Donald Trump was permanently banned from Twitter on Friday, and is currently barred either temporarily or permanently from a mix of other social media platforms.

The consequences of the Capitol riots could extend to the early removal of Trump from the presidency, with Congress exploring both articles of impeachment and urging Vice President Mike Pence to invoke the 25th amendment to remove Trump this week.

House Democrats officially introduced articles of impeachment on Monday, accusing Trump of inciting an insurrection.

Here’s where US indexes stood at the 4:00 p.m. ET close on Monday:

  • S&P 500: 3,799.61, down 0.66%
  • Dow Jones industrial average: 31,008.69, down 0.29% (89.28 points)
  • Nasdaq composite: 13,036.43, down 1.25%

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Shares of Twitter fell as much as 10% on Monday following the social media company’s decision to permanently ban Trump. Facebook also saw a $34 billion decline in its market value after the company temporarily restricted President Trump’s account.

Bitcoin staged a more than 20% correction since it hit record highs of more than $40,000, with the crypto asset falling to the $30,000 level. A UK regulator warned crypto investors that theyshould be prepared to lose all of their money in the speculative assets.

Investors were confused by a tweet from Elon Musk last week that advocated for the use of a private messaging platform, Signal. Instead, investors bid up shares of Signal Advance by more than 11,700% over a three-day period.

Nio soared as much as 11% on Monday after the electric vehicle manufacturer unveiled its new ET7 sedan and said it struck a partnership with Nvidia to develop autonomous driving capabilities.

Oil prices fell. West Texas Intermediate crude dropped as much as 0.34%, to $52.06 per barrel. Brent crude, oil’s international benchmark, fell 0.95%, to $55.46 per barrel, at intraday lows.

Gold jumped as much as 0.63%, to $1,846.90 per ounce.

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