Stocks Suffer Worst Day of the Year Amid White House Chaos - NBC Connecticut
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Stocks Suffer Worst Day of the Year Amid White House Chaos

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    NEWSLETTERS

    Stocks Suffer Worst Day of the Year Amid White House Chaos
    AP
    In this Oct. 7, 2016 file photo, a sign for Wall Street is carved into a building located near the New York Stock Exchange.

    U.S. stocks closed sharply lower on Wednesday as investors digested the latest news out of Washington, with the Dow Jones averagine about 370 points lower, Goldman Sachs contributing the most losses, CNBC reported.

    The broader S&P 500 and Nasdaq also lagged, dropping 1.8 percent and 2.6 percent respectively.

    Stocks had rallied all year in part because of hope for lower corporate taxes. But "an impeachment proceeding would blow the market away," former General Electric CEO Jack Welch told CNBC.

    "This is clearly Washington-driven," said Michael Shaoul, chairman and CEO of Marketfield Asset Management. "It's a lot like 1998-99, when the market had to deal with the [Monica] Lewinsky scandal."

    Steve Bannon Out as White House Chief Strategist

    [NATL] Steve Bannon Out as White House Chief Strategist

    Steve Bannon has departed the White House, where he was President Donald Trump’s chief strategist. His tenure lasted seven months. White House chief of staff John Kelly and Bannon mutually agreed that Friday would be Bannon’s last day, according to a statement from the press secretary that said they were “grateful for his service.”

    (Published Friday, Aug. 18, 2017)