Lawmakers in D.C. have certified President-elect Biden’s victory over incumbent President Donald Trump. However, the certification process, which was largely thought to be ceremonial, was disrupted yesterday when insurrectionists breached the Capitol building and forced it to go into lockdown with the nation’s lawmakers locked inside.
“Let’s get back to work,” Vice President Mike Pence said upon reopening the confirmation vote.
In Thursday’s market breakdown, Jim Cramer and Katherine Ross discuss the unfolding events in Washington D.C. following Wednesday’s Capitol Hill Riot, Wall Street’s reaction (or lack thereof) and what comes next for stocks:
Some GOP lawmakers had announced plans to oppose the certification, but following the lockdown, Senators Steve Daines from Montana and Georgia’s Kelly Loeffler, who lost her Senate race to Democrat Raphael Warnock reversed their votes.
The riot occurred after President Trump held a rally in D.C. and encouraged protests outside of the Capitol, even saying that he would join them. However, after the rally ended, Trump went back to the White House.
While it’s still not clear why it was possible for the rioters to breach Capitol security to get inside of the building, there was a swift call to action from President-elect Biden among others in D.C. and on Wall Street for Trump to denounce the violence.
President Trump posted a tweet originally sharing his disappointment in Vice President Mike Pence for not voting against the certification of Biden, and then tweeted for rioters to “please support our capitol police and law enforcement.” The tweet about Pence has since been removed by Twitter.
He tweeted again, urging peace before posting a video (later taken down by Twitter, but we’ll get to that in a minute) saying, “I know your pain. I know you’re hurt…we love you, you’re very special.” He again asked for peace and for the rioters to go home.
Capitol Police, alongside Secret Service and D.C.’s National Guard, were able to clear the building of the insurrectionists which allowed lawmakers to resume the certification process late Wednesday night.
Okay, now back to what happened with Twitter. After the video was posted on Trump’s twitter, the social media company quickly made it so that no one could retweet, like, or respond to the tweet. Facebook removed the video from its platform, as did YouTube. Twitter then removed the video, alongside two tweets (including the Pence tweet) and announced that it had locked Trump’s account for 12 hours. The company tweeted that Trump would be able to access the account after he deleted the tweets.
Facebook and Instagram announced that Trump’s account was suspended for 24 hours from their platforms.
And then, following the certification of the election, President Trump released a statement in which he vowed for an “orderly transition” when Biden is inaugurated on Jan. 20.
And, finally, Wall Street still hasn’t had much of a reaction to those events. In fact, following the news that the Democrats had won their runoff races in Georgia, the Dow was hitting all-time highs.