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Stocks Suffer Worst Day of the Year Amid White House Chaos

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    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."

    Senate Rejects Repeal Proposal of Affordable Care Act

    [NATL] Senate Rejects Repeal Proposal of Affordable Care Act

    The Senate rejected a bill to undo Obama-era health care reforms in a 55-45 vote Wednesday, just hours after the White House expressed "excitement about the progress" made to repeal and replace the Affordable Care Act. 

    (Published Wednesday, July 26, 2017)