Dow drops by over 300 points after President Trump turmoil
U.S. stocks fell sharply in late-afternoon trading Wednesday as investors fretted that the latest turmoil in Washington could hinder President Donald Trump's pro-business agenda.
The steep drop, which sent the Dow Jones industrial average down more than 300 points, ended an unusually long period of calm in the markets.
Financial stocks, which had soared in the months since the election, slumped the most as bond yields declined and traders piled into utilities, gold and other traditional safe-haven assets.
The Standard & Poor's 500 index fell 36 points, or 1.5 percent, to 2,364 as of 3:04 p.m. Eastern Time. The Dow Jones industrial average slid 317 points, or 1.5 percent, to 20,662.