Wall Street stocks fell sharply Wednesday on deepening worries about President Donald Trump’s economic agenda following a series of scandals and stumbles.<\/b>
\nNEW YORK, United States \u2014 Wall Street stocks fell sharply Wednesday on deepening worries about President Donald Trump\u2019s economic agenda following a series of scandals and stumbles.
The Dow Jones Industrial Average shed 373 points to 20,606.93 for a drop of 1.8 percent \u2014 its biggest one-day decline since Trump was elected.
The broad-based S&P 500 fell 1.8 percent to 2,357.03, while the tech-rich Nasdaq Composite Index tumbled 2.6 percent to 6,011.24, retreating from a record.
The losses followed reports that Trump asked former FBI chief James Comey to stop a probe into ex-national security advisor Michael Flynn over his contacts with Russia \u2014 a request which commentators said could amount to obstruction of justice.
The Comey revelations came on the heels of widespread criticism of Trump for allegedly disclosing highly sensitive intelligence to Russian officials last week.
Expectations about tax cuts and other key Trump growth agenda items have \u201cmeaningfully changed\u201d in the wake of the negative stories, said Alexander Kazan, managing director of global strategy and analytics, Eurasia Group.
\u201cYou have much more of a sense of uncertainty about the future of the Republican agenda in Congress.\u201d
Analysts noted that US stocks remained near all-time highs following strong corporate earnings and better economic data, meaning that some of Wednesday\u2019s selling was due to profit taking.
\u201cIt\u2019s not necessarily panic selling mode. The market made a move to adjust for the risk premium now, \u201d said Victor Jones, director of trading at TD Ameritrade.
\u201cThe concern is really the ability for the administration to drive the larger tax agenda.\u201d
Banking shares were among the hardest hit, with Bank of America losing 5.9 percent, Goldman Sachs 5.3 percent and JPMorgan Chase 3.8 percent.
Technology shares, which have generally outperformed the broader market, also were weak. Apple, Facebook, Expedia and Netflix all lost at least three percent. CBB<\/p>\n

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