It helps that Wall Street remains convinced -- even if no one else is -- that Bill Clinton's looming trial will be quick and relatively painless. "The thinking is that this will be nowhere near as divisive and ugly as it was in the House," says Baumohl. "It's built into this rally. But if they're wrong, the market is going to suffer." The great thing about the '90s, though, is that it never seems to suffer very long.
NEW YORK: Impeachment sure isn't bothering investors much. Wall Street's trio of indexes -- the Dow, NASDAQ and the S&P 500 -- all closed at record highs Wednesday, with the Dow hitting 9544.97. The future, says TIME senior economics reporter Bernard Baumohl, looks bright. "A lot of this is the traditional January effect -- people get Christmas bonuses and put the money into the markets," he says. "But it's been amplified by the fact that there are few signs of a slowdown in the spring, which could be a good sign for corporate profits."