- Title: Wall Street sells off as investors fret about Trump
- Date: 17th May 2017
- Summary: NEW YORK, NEW YORK, UNITED STATES (MAY 17, 2017) (REUTERS) (SOUNDBITE) (English) U.S. BANK WEALTH MANAGEMENT, SVP AND HEAD, TRADITIONAL INVESTMENTS GROUP, LISA KOPP, SAYING: "If you look at the event that are coming out of Washington and the news from the last couple of days, certainly there is a lot of additional headiness and logistics that are going to have to be managed by the administration now, and that will hamper potentially moving forward with his agenda in two ways. So, one is obviously the amount of time that he is having to spend on these additional issues, and longer-term it could potentially reduce, obviously, his bargaining and negotiating power."
- Embargoed: 31st May 2017 21:08
- Keywords: Donald Trump markets stocks closing bell NYSE New York Stock Exchange
- Location: NEW YORK CITY, NEW YORK, UNITED STATES
- City: NEW YORK CITY, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA0026H8A6O7
- Aspect Ratio: 16:9
- Story Text: The S&P 500 and the Dow notched their biggest one-day fall since Sept. 9 as investor hopes for tax cuts and other pro-business policies faded after reports that U.S. President Donald Trump tried to interfere with a federal investigation set off alarm bells on Wall Street.
Former FBI chief James Comey said in a memo that Trump had asked him to end a probe into former National Security Adviser Michael Flynn's ties with Russia, the reports said. That was only the latest worry in a tumultuous week at the White House after Trump unexpectedly fired Comey and reportedly disclosed classified information to Russia's foreign minister about a planned Islamic State operation.
The developments intensified doubts that Trump would be able to follow through on his promises for tax cuts, deregulation and fiscal stimulus. Those pledges had helped fuel a record-setting post-election rally on Wall Street.
Selling accelerated late in the afternoon of one of the busiest trading days in months and the three major indexes ended near session lows.
The Dow Jones Industrial Average fell 372.82 points, or 1.78 percent, to 20,606.93, the S&P 500 lost 43.64 points, or 1.82 percent, to 2,357.03 and the Nasdaq Composite dropped 158.63 points, or 2.57 percent, to 6,011.24.
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