"Wall Street traditionally detests "uncertainty." But in the first days after the United States removed Venezuelan President Nicolas Maduro from power, U.S. investors are shrugging off the geopolitical instability and mostly focusing on the positive. The Dow Jones Industrial Average hit record highs on Monday and Tuesday, lifted in part by some Venezuela-related stocks. The S&P 500 also closed at a record high on Tuesday. Meanwhile, investors who own Venezuelan bonds including some large U.S. financial institutions also saw those struggling assets surge in value."
"U.S. oil companies were the immediate, and stated, beneficiary of the country's attack on Venezuela: President Trump said during a weekend press conference that U.S. oil companies would now be able to invest in Venezuela, to "fix the badly broken infrastructure, the oil infrastructure, and start making money for the country." Big Oil stocks have swung up and down since. Shares in Chevron, the last major U.S. oil company remaining in Venezuela, soared on Monday before retreating on Tuesday."
U.S. investors largely shrugged off geopolitical instability following the removal of Venezuelan President Nicolas Maduro, driving the Dow and S&P 500 to record highs and lifting Venezuela-related stocks. Holders of Venezuelan bonds, including some large U.S. financial institutions, saw struggling assets surge in value. Emerging-markets manager Eric Fine reported his firm bought Venezuelan sovereign debt. President Trump said U.S. oil companies could invest in Venezuela to repair oil infrastructure and generate revenue, briefly boosting major oil and oil-services stocks such as Chevron, Exxon Mobil, ConocoPhillips, and Halliburton. Elliott Investment Management won judge approval for a $6 billion bid for Citgo, though Treasury approval remains pending and Maduro appealed the sale.
Read at www.npr.org
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