The Street reacted negatively to the latest crisis enfolding the White House and recorded the biggest one-day loss for the year. All three major indices slid sharply as hopes for the business-friendly regulatory and tax agenda recedes with the latest debacle engulfing the White House.
The Dow plunged 373 points to 20,606.93 and Nasdaq ends its record rally falling -2.51% to close at 5,580.
- Dow Jones Index 20,606.93 -1.78%
- S&P 500 2357.03 -1.82%
- Nasdaq 5,580 -2.51%
- Russell 2000 1355.89 -2.78%
- NYSE Composite 11606.49 -0.07%
- Gold 1260.00 +0.06%
- Oil 49.07 0.08%
Financials and tech stocks were battered on the big board. Amongst the losers were Goldman Sachs which dropped -5.26% to $213.71 and JPMorgan Chase (-3.89% to 84.20) as investors exited and fled to less risky investments.
Moving up notches were UnitedHealth Group (168.86 +0.44%) and Travelers Inc, insurance group (+0.27% to 120.25)
Apple also fell -3.36% to $150.25. Cisco Systems reported a loss in quarterly revenue as a result of further declines in its router business and fell -8.56% to close at $31.36.
Investors are factoring in those sectors dependent on a strong economy as well as rising interest rates and disappointing results.