The move by Democrats in the U.S. Congress on Tuesday to launch a formal impeachment inquiry into President Donald Trump has caused nervousness on Wall Street - but history suggests investors need not worry.

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Wall Street dropped and the dollar tumbled in the months ahead of President Richard Nixon’s resignation in 1974, when he was under threat of impeachment over the Watergate scandal.

But that market volatility also stood against a backdrop of Nixon’s decision to suspend the dollar’s convertibility into gold and a recession following the oil shock of late 1973, according to JPMorgan’s John Normand.

After early volatility, Wall Street also weathered the 1998 impeachment of Clinton, who was later acquitted by the Senate.