Deepening worries over US President Donald Trump’s uncertain future following a series of scandals has sent jitters through financial markets in the United States. US stocks suffered their worst trading day in eight months on Wednesday after some lawmakers strongly criticized Trump over his recent scandals involving ousted FBI Director James Comey.
The Dow Jones Industrial Average fell 372 points, and was down 1.8 percent – the biggest one day decline since the president was elected. The broad-based S&P 500 dropped 1.8 percent, while the tech-rich Nasdaq Composite Index tumbled 2.6 percent. Both the Dow and S&P 500 suffered their worst percentage drops since September 9.
“It’s certainly a day when the chickens are coming home to roost,” Donald Selkin, chief market strategist at Newbridge Securities in New York, said. “The (equity) bull market is not over by any means, but between the political stuff and the fact that the next earnings season is three months away, there’s going to be a lack of motivation,” Selkin added.
Calls are growing louder for the impeachment of Trump amid an investigation into his alleged links to Russia. Al Green, a Democratic congressman from Texas, has become the first to call for Trump’s impeachment following revelations that the president had pressured Comey to drop the investigation into General Mike Flynn, who was US national security adviser and resigned over undisclosed contact with a Russian diplomat.