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The S&P 500 once again made new all-time highs last week after the announcement of a phase one trade deal between the U.S. and China.

Wall Street shrugs off impeachment

On Wednesday evening, the Democrat-controlled House of Representatives formally voted to impeach President Donald Trump on charges of abuse of power and obstruction of Congress. The S&P 500 traded higher Thursday following the news. The market gained 26% overall during President Bill Clinton’s impeachment process in 1998 and 1999.

“You still had the U.S.-Canada-Mexico trade deal get signed, so the market didn’t see (Trump's impeachment) as being disruptive,” said Shawn Cruz, manager of trader strategy at TD Ameritrade. “I think it was the market’s way of saying ‘we care about progress on the trade front, the economy in general, and things like that, not so much about the impeachment.’”

On Tuesday, the House passed a $1.4 trillion government spending deal. The deal includes funding for Trump’s U.S.-Mexico border fence and a provision to raise the minimum U.S. age limit to purchase tobacco, e-cigarette and vaping devices from 18 to 21.

Boeing shares dropped after the company announced it will be suspending 737 Max production starting in January. Regulators around the world grounded the 737 Max fleet back in March after two deadly plane crashes within a span of five months.

In an interview with CNBC, former Federal Reserve Chair Alan Greenspan said the nearly $1 trillion U.S. fiscal deficit in 2019 will have consequences down the line.

“Right now, there’s no real inflation at play. But if we go further than we are currently, inflation is inevitably going to rise,” Greenspan said.

Earnings on deck

Micron shares gained ground last week after the company reported a fiscal first-quarter sales beat. FedEx stock took a hit after the company reported fiscal second-quarter earnings and revenue misses and cut its 2020 guidance.

Few companies are reporting earnings in the holiday-shortened week this week, with investor attention set to shift forward to fourth-quarter earnings season in January.

Analysts are projecting S&P 500 earnings grew just 0.3% in calendar 2019, well below their 10-year average annual growth rate of 9.1%, according to Factset.

Economic numbers

On Monday, the Bank of Japan is releasing its monetary policy meeting minutes. On Tuesday, the U.S. Census Bureau will release its estimates for Durable Goods and Nondefense Capital Good Orders for November.

Weekly business quiz

This company has grown to become one of the world’s largest retailers, ranking at No. 47 on the Global 500 list. Its food stores make up around 92% of its total revenue while jewelry stores and manufacturing facilities contribute the remaining portions.

In 1883, the founder invested all of his life savings to open the first location in Cincinnati. It was so well-received by the public that around 20 years later, it had already expanded to 40 stores and generated $1.75 million in sales.

Throughout its history, it led in innovations within the retail industry. With its purchase of 14 Nagel meat markets, it became the first grocery store in the industry that sold groceries and meats under the same roof. In 1916, it was the first chain to introduce self-service at its stores. Later on, it would establish the first grocery foundation to test food products scientifically.

As technology continued to advance, it also introduced the first experimental scanner checkout system throughout its chain.  

As it expanded geographically, it also grew its product portfolio, introducing fresh seafood and fragrances. What followed was a series of mergers that continued to build the company. The first one was with Dillon Companies Inc., a manufacturer of 4,000-plus food and non-food products, and then a second one with Fred Meyer Inc., one of the largest supermarkets and the source of the jewelry stores.

Even after becoming a leader in its industry, it continued to take out a portion of its resources toward moving society forward. In 2000, it earned America’s Second Harvest’s title of “Grocery Distributor of the Year.” It was also inducted into Billion Dollar Roundtable inc. for its work with minority and women owned suppliers.

Answer: Kroger

Benzinga is a financial news a data company headquartered in Detroit.

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