Dow posts triple-digit slide in second-worst day of 2017


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.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Kimberly Alters is the news editor at TheWeek.com. She is a graduate of the Medill School of Journalism at Northwestern University.
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate