The daily business briefing: March 8, 2018

Stocks try to shake off Cohn's departure as Trump's tariff decree looms, Snap announces its biggest layoffs yet, and more

The Snapchat app on a device
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1. Stocks struggle to recover from ongoing concerns about Cohn's resignation

The Dow Jones Industrial Average fell sharply on Wednesday before regaining some ground and closing down by 0.3 percent as investors fretted over the news that President Trump's top economic adviser, Gary Cohn, is resigning. Cohn was one of the administration's most powerful advocates of free trade, and some analysts said his departure could mean Trump will push ahead with steel and aluminum tariffs that some fear could spark an all-out trade war. "In the eyes of the market, [Cohn] was viewed as the adult in the room on many items," said Gene Tannuzzo, senior portfolio manager at Columbia Threadneedle Investments in Minneapolis. U.S. stock futures were mixed early Thursday as investors waited for President Trump to sign a decree laying out his tariff plans.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.