Stock market suffers biggest blow since Trump took office – New York Daily News

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Stocks took their biggest beating since September Wednesday with traders gripped by fear that White House chaos will stall President Trump’s pro-business agenda.

The Dow Jones Industrial average fell 1.8%, closing at 20,606.93, 372 points below the previous day’s finish amid concerns about the tumult in Washington.

The S&P 500 fell 43.64 points, or 1.8%, to 2357.03 in the worst one-day decline for the two indexes since Sept. 9.

The Nasdaq Composite lost 158.63 points, or 2.6%, to 6011.24, its biggest drop since June 24..

All barometers pointed to the political frenzy over reports that Trump shared classified information with Russian diplomats, and tried to steer FBI Director James Comey away from a Russia-related investigation before firing him.

The Dow Jones Industrial average fell 1.8%, closing at 20,606.93, 372 points below the previous day's finish amid concerns about the tumult in Washington.

The Dow Jones Industrial average fell 1.8%, closing at 20,606.93, 372 points below the previous day’s finish amid concerns about the tumult in Washington.

(Drew Angerer/Getty Images)

“With a growing chorus of Democrats accusing Trump of obstructing justice and even calling for his impeachment, the Trump administration could come to an early season finale,” wrote Lukman Otunuga, a research analyst with currency broker FXTM.

Gold prices have soared over the past week. The precious metal often does well when investors get nervous. The U.S. dollar has also sunk recently against the euro and other currencies.

The declines appear to be a sign that the market sees the political scandals as a distraction Trump’s economic plans, including tax reform.

“Trump’s agenda already had stalled; now there’s the likelihood that issues like tax reform will get crowded out by this political crisis,” wrote Greg Valliere, chief global strategist with Horizon Investments, in a report.

There may even be concerns within the market that Trump may not even survive a full term.

There may even be concerns within the market that Trump may not even survive a full term.

(Evan Vucci/AP)

“If special prosecutors are hired or there is more talk about obstruction of justice being an impeachable offense, one can kiss the tax plan, health care plan, and fiscal stimulus plan goodbye for 2017,” Andy Brenner, head of international fixed income securities at National Alliance Securities, said in a note Monday.

There may even be concerns within the market that Trump may not even survive a full term.

Stocks have rallied all year in part because of the hope for lower corporate taxes. The major indexes have been reaching record levels, with the S&P and Nasdaq notching all-time highs earlier this week.

Then the bottom fell out over the intelligence scandal and the obstruction of justice cries.

The White House said Wednesday it had no comment on the sell-off.

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wall street
donald trump

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