The stock market took a nosedive on Thursday as Democrat Nancy Pelosi was named speaker of the House.
The DOW dropped more than 630 points on the same day that Pelosi reclaimed the gavel in the House.
“Pelosi, who previously served as speaker from 2007 to 2011, clinched the vote with support from 220 House members,” MarketWatch reported. “More than a dozen Democrats voted for someone else, or voted ‘present.’”
The report added: “The Californian’s return to the role comes amid a standoff with President Donald Trump and a partial government shutdown that has entered its 13th day, and as some of her fellow Democrats have balked at a package of rules for the new Congress.”
Watch Pelosi speak after being named House Speaker once again:
Democrats will surely blame the government shutdown and Trump’s policies for the economic downturn, but it’s hard to argue that the left’s high-tax, anti-business policies aren’t also causing a negative impact in the market.
Additionally, Democrats taking control of the House means Congress will likely get very little accomplished during the tail-end of President Trump’s term.