US close: Markets slide as Trump turmoil heats up
Fresh allegations of improprieties in the Oval Office finally provoked a response from Wall Street on Wednesday, sending some traders dashing to buy protection from downside risks.
The Dow Jones Industrial Average ended down 1.78% to 20,606.93, with the S&P 500 shedding 1.82% to 2,357.03 and the Nasdaq 100 off by 2.51% to 5,580.55.
Overnight on Tuesday, The New York Times said US president Donald Trump had asked Federal Bureau of Investigation chief James Comey to "let go" of an investigation into his former national security adviser, Michael Flynn.
IG's Chris Beauchamp sounded a word of prudence, telling clients not to rush to the assumption that Donald Trump was inevitably headed towards impeachment hearings.
"Over-eager bears should tread with care," Beauchamp said.
"His election campaign always seemed one day away from disaster, and his presidency thus far has been remarkably similar.
“But the campaign won out in the end, and it would be unwise to assume that impeachment is now a given."
Banks were among the worst performers at the start of trading on Wednesday, alongside losses for investment services, apparel retailers, toys and leisure goods.
Stock in American Eagle Outfitters was 14.74% lower as the retailer became the latest in the growing list of companies in its sector to disappoint investors.
The teen apparel retailer posted first quarter earnings per share of 16 cents, although it did beat on sales its guidance fell short of Wall Street estimates.
Target Corporation pleased markets, rising 0.94% after posting better than expected first quarter EPS of $1.21, with management reaffirming its annual guidance for profits.
Shares in Concert Pharmaceuticals slid 7.48% after the FDA put its hair loss drug on clinical hold.
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $168.86 0.44%
Travelers Company Inc. (TRV) $120.25 0.27%
Coca-Cola Co. (KO) $43.93 0.18%
Procter & Gamble Co. (PG) $86.26 0.02%
Wal-Mart Stores Inc. (WMT) $75.12 0.01%
McDonald's Corp. (MCD) $146.41 -0.60%
Exxon Mobil Corp. (XOM) $81.99 -0.68%
Johnson & Johnson (JNJ) $126.67 -0.86%
Pfizer Inc. (PFE) $32.23 -1.13%
Merck & Co. Inc. (MRK) $63.00 -1.24%
Dow Jones - Fallers
Goldman Sachs Group Inc. (GS) $213.72 -5.27%
JP Morgan Chase & Co. (JPM) $84.27 -3.81%
Apple Inc. (AAPL) $150.25 -3.36%
E.I. du Pont de Nemours and Co. (DD) $76.56 -3.21%
Microsoft Corp. (MSFT) $67.48 -2.78%
Chevron Corp. (CVX) $104.70 -2.38%
American Express Co. (AXP) $76.37 -2.25%
General Electric Co. (GE) $27.41 -2.25%
Intel Corp. (INTC) $35.04 -2.18%
Caterpillar Inc. (CAT) $100.14 -2.15%
S&P 500 - Risers
Colgate-Palmolive Co. (CL) $75.69 5.74%
Extra Space Storage (EXR) $75.27 4.85%
Brown Forman Corp. Class B (BF.B) $52.28 3.61%
DaVita Inc (DVA) $63.95 3.00%
Progressive Corp. (PGR) $41.16 2.59%
Public Storage (PSA) $212.95 2.31%
Crown Castle International (CCI) $98.12 2.28%
Ventas Inc. (VTR) $66.32 2.00%
American Tower Corp (Reit) (AMT) $130.74 1.85%
Newmont Mining Corp. (NEM) $34.26 1.51%
S&P 500 - Fallers
Ball Corp (BLL) $39.98 -50.53%
Micron Technology Inc. (MU) $27.00 -6.96%
Citizens Financial Group, Inc. (CFG) $34.57 -6.77%
Nvidia Corp. (NVDA) $127.72 -6.64%
Charles Schwab Corp. (SCHW) $38.12 -6.27%
SunTrust Banks Inc. (STI) $53.59 -6.05%
United Rentals Inc. (URI) $105.10 -5.93%
Bank of America Corp. (BAC) $22.57 -5.92%
Electronic Arts Inc. (EA) $105.24 -5.83%
Huntington Bancshares Inc. (HBAN) $12.29 -5.75%
Nasdaq 100 - Risers
Incyte Corp. (INCY) $120.49 2.32%
Dish Network Corp. (DISH) $62.77 0.80%
Vodafone Group Plc ADS (VOD) $28.84 0.52%
Kraft Heinz Co. (KHC) $89.51 0.45%
Ross Stores Inc. (ROST) $61.52 0.03%
Monster Beverage Corp (MNST) $46.80 -0.02%
Liberty Global plc Series A (LBTYA) $29.44 -0.07%
Paychex Inc. (PAYX) $56.94 -0.38%
Verisk Analytics Inc. (VRSK) $78.50 -0.41%
Starbucks Corp. (SBUX) $59.73 -0.42%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $27.00 -6.96%
Nvidia Corp. (NVDA) $127.72 -6.64%
Electronic Arts Inc. (EA) $105.24 -5.83%
Liberty Global Plc Lilac Class A (LILA) $20.24 -5.20%
Applied Materials Inc. (AMAT) $42.76 -5.13%
Skyworks Solutions Inc. (SWKS) $100.55 -4.69%
Activision Blizzard Inc. (ATVI) $54.23 -4.49%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $48.07 -4.45%
Texas Instruments Inc (TXN) $78.68 -4.36%
American Airlines Group (AAL) $44.92 -4.30%