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.
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.
-
The Week Unwrapped: Will US Catholics rebel against the Pope?Podcast Plus what are the ethics of freezing your late partner?
-
David Hockney at Annely Juda: an ‘eye-popping’ exhibitionThe Week Recommends ‘Some Very, Very, Very New Paintings Not Yet Shown in Paris’ testifies to the artist’s ‘extraordinary vitality’ and ‘childlike curiosity’
-
The most downloaded country song in the US is AI-generatedUnder the radar Both the song and artist appear to be entirely the creation of artificial intelligence
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
