U.S. stocks tumble as Cohn resignation adds new element of political uncertainty

U.S. stocks opened solidly lower on Wednesday, the first trading session after the resignation of Gary Cohn, the head of President Donald Trump's National Economic Council. The Dow Jones Industrial Average fell 308 points, or 1.2%, to 24,574. The S&P 500 was down 18 points to 2,710, a decline of 0.7%. The Nasdaq Composite Index lost 53 points, or 0.7%, to 7,321. The day's losses were broad, with TKTK. Cohn's resignation represents another question mark for investors, who have already been trying to figure out the Trump administration's trade policy following the surprise announcement of tariffs last week. Cohn had opposed the tariff proposal and was widely viewed as having a moderating influence within the White House. Among the biggest decliners of the day were Boeing (BA), down 2.6%, and Caterpillar Inc. (CAT), which fell 2.9%. Both stocks are seen as having an outsize impact from tariffs.

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Source : http://www.morningstar.com/news/market-watch/TDJNMW_20180307299/us-stocks-tumble-as-cohn-resignation-adds-new-element-of-political-uncertainty.html

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