Dow falls 300 points after Gary Cohn resigns

[DonViejo]

Source: CNN-Money




by Nathaniel Meyersohn @CNNMoneyInvest
March 7, 2018: 9:38 AM ET

Gary Cohn's exit from the White House is setting off alarm bells on Wall Street.

The Dow opened down more than 300 points on Wednesday before recovering some of those losses. The S&P 500 and the Nasdaq were down about 0.5% each.

The White House announced after the markets closed Tuesday that Cohn, President Trump's top economic adviser, was resigning. He disagreed with Trump's planned tariffs on foreign steel and aluminum.

"His departure has caught investors off guard," said Alec Young, FTSE Russell's managing director of global markets research.

Investors interpreted the resignation as a sign that Trump will follow through on his vow to impose a tariff of 25% on imported steel and 10% on aluminum. Wall Street fears the tariffs will be the opening salvo in a trade war that could damage the economy.


Read more: http://money.cnn.com/2018/03/07/investing/dow-stock-market-gary-cohn/index.html

[IronLionZion]

1. The one Democrat in the Trump administration leaves, and all hell breaks loose

not because of the tariffs, but because everyone knows Trump is too stupid to manage on his own. Cohn was a voice of reason who actually understood economics. The future of Trump's economy is looking bleak.

[maxsolomon]

2. Wall St. will be OK

What a bunch of snowflakes.

[Orsino]

3. Markets don't like the idea of an unsupervised Trump with the keys to the economy. n/t