Market Sees Worst Drop Since September

Dow ends day down 372
By Newser Editors and Wire Services
Posted May 17, 2017 3:11 PM CDT
Dow Ends Day Down 372
Trader Fred Demarco works in a booth on the floor of the New York Stock Exchange, Wednesday, May 17, 2017.   (AP Photo/Richard Drew)

Stocks fell sharply as investors worried that the latest turmoil in Washington could hinder President Donald Trump's pro-business agenda, the AP reports. The steep drop Wednesday was the market's worst since September and ended an unusually long period of calm. Banks, which soared in the months since the election, slumped. Bank of America lost 5.9%. Bonds, utilities and gold rose as traders shunned riskier assets. The dollar fell. The Standard & Poor's 500 dropped 43 points, or 1.8%, to 2,357. The Dow Jones industrial average lost 372 points, or 1.8%, to 20,606. The Nasdaq fell 158 points, or 2.6%, to 6,011, a day after its latest record high. Small-company stocks, which would stand to benefit greatly from Trumps' proposed tax cuts, fell more than the rest of the market. (More stock market stories.)

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