Dow down more than 300 points in 'Washington-driven' plunge

The Dow is down. — (Image credit: Drew Angerer/Getty Images)

The Dow Jones Industrial Average is down more than 310 points, reflecting market turbulence stemming from the Trump administration's latest scandals:

The CEO of Marketfield Asset Management, Michael Shaoul, described the drop to CNBC as "a lot like 1998-99, when the market had to deal with the [Monica] Lewinsky scandal."

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"This is clearly Washington-driven," Shaoul said.

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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.