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

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."

    WH Doubles Down on Trump's 'Animals' Remark at Roundtable

    [NATL] WH Doubles Down on Trump's 'Animals' Comment at California Sanctuary Policies Roundtable

    President Donald Trump railed against immigration policies adopted by so-called sanctuary cities at a White House roundtable Wednesday, bemoaning a California law that restricts local and state cooperation with U.S. Customs and Enforcement agents and calling some immigrants "animals." White House press secretary Sarah Huckabee Sanders doubled down on the comments, saying the president's language was not tough enough. 

    (Published Thursday, May 17, 2018)