UPDATE: Stocks Have Worst Day Of The Year Amid Turbulence In Washington
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UPDATE, MAY. 17, 4:47 P.M. ET: Stocks fell sharply Wednesday amid controversy in Washington, resulting in the worst day of the year. The Dow was down 373 points when markets closed, its sharpest drop since September 2016, CNN reports.
Stocks tumbled during midday trading Wednesday as turbulence in Washington stirred investors, sending the Dow Jones down about 300 points to eight-month lows.
Investor confidence in the new administration's business-friendly agenda is waning as the investigation into President Donald Trump's ties to Russia grows increasingly contentious.
The Dow Jones industrial average fell nearly 300 points, or 1.3%, to 207,099, while the S&P 500 fell 1.2%. The Nasdaq was down 1.7% and the value of the dollar lost nearly all of its post-election gains.
Traders speculate the pullback was due to surfacing news that Trump beseeched former FBI director James Comey to halt the investigation into former national security adviser Michael Flynn, the Wall Street Journal reports. The White House issued a statement denying these allegations Tuesday night.
Despite the sell-off, stocks remain near record highs and traders do not expect huge investor pullback, though traders are wary Trump's push for tax reform, infrastructure spending and financial deregulation may be impacted by what is occurring in Washington.