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Media Coverage and The Stock Market: What Is the Real Cost of Congress?

This paper demonstrates a strong inverse connection between daily stock returns and Congress in session. Our key conjecture is when Congress is in session, more media attention focuses on congressional activity than on the stock market; the more the news attention is political, the lower the demand for stock, which consequently impacts asset pricing. We find support for this hypothesis using text-based search data from Factiva; irrespective of the day Congress is in session, the stock market is 0.059% more likely to drop. Furthermore, the overall impact of in-session congressional activity varies across sectors and by Congress job approval ratings.