Stocks Suffer Worst Day of the Year Amid White House Chaos - NBC Southern California
National & International News
The day’s top national and international news

Stocks Suffer Worst Day of the Year Amid White House Chaos

    processing...

    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."

    Dems, GOP Condemn Trump for 'Both Sides' Blame Game

    [NATL] Dems, GOP Condemn Trump for 'Both Sides' Blame Game as Hundreds Mourn Charlottesville Victims

    Lawmakers and business leaders from both sides of the aisle are criticizing President Donald Trump's comments blaming "both sides" for the violence that erupted in Charlottesville, Virginia, over the weekend, with three dead and dozens more injured. This, as hundreds gathered to mourn at the University of Virginia Wednesday night.

    (Published Thursday, Aug. 17, 2017)