Historic Conviction: Trump Guilty of Falsifying Documents

Donald Trump became the first U.S. president to be convicted of a crime on Thursday, found guilty by a New York jury of falsifying documents to cover up a payment to silence a porn star ahead of the 2016 election. The unanimous verdict on all 34 counts has significant political implications.

Donald Trump became the first U.S. president to be convicted of a crime on Thursday when a New York jury found him guilty of falsifying documents to cover up a payment to silence a porn star ahead of the 2016 election. After deliberations over two days, the 12-member jury announced it had found Trump guilty on all 34 counts he faced. Unanimity was required for any verdict.

The verdict, which came back after the close of the U.S. stock market, plunges the United States into unexplored territory ahead of the Nov. 5 presidential election, when Trump, the Republican candidate, will try to win the White House back from Democratic President Joe Biden. COMMENTS: PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK "I don't think it means much to the markets, what matters tomorrow is the PCE report. As we get closer to the election it could make a difference."

"What does this mean going forward? We'll have to wait and see if the Republicans even nominate him. Now that (Trump has) been found guilty there's a good possibility that they'll have a change of heart." "But regarding tomorrow, PCE will dominate the market action." (Compiled by the Global Finance & Markets Breaking News team)

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