The Dow Jones closed Thursday afternoon down more than 274 points as investors were rattled by the chaos engulfing the Trump White House in addition to a deadly terrorist attack in Barcelona. The 1.2 percent drop in the Dow made for the index's biggest drop in three months and its second-worst day of the entire year. The Nasdaq Composite also posted a 1.9 percent slide, while the S&P 500 plunged 1.5 percent.
The market was particularly spooked by the idea that former Goldman Sachs executive Gary Cohn could resign from President Trump's National Economic Council, Barron's reports, given Cohn is in charge of the administration's tax reform efforts. Cohn was reportedly "disgusted" by Trump's tepid response to the white nationalist demonstrations in Charlottesville, Virginia, over the weekend, which resulted in the death of 32-year-old Heather Heyer.