WASHINGTON: US stocks suffered their worst trading day in eight months after political turmoil in Washington shook investors, with some fearing President Donald Trump’s ability to push through his pro-growth policies has been sidelined by the deepening political controversy.
The S&P 500 — the Wall Street benchmark — slid 1.8 per cent to 2,357 at the close on Wednesday, shedding all of its gains for May. Financial stocks were among the worst hit, with the KBW bank index down more than 4 per cent. Shares of some of the country’s largest financial institutions, including Morgan Stanley, Bank of America and Goldman Sachs, declined more than 5 per cent. The Dow Jones Industrial Average ended the day over 370 points – or 1.8 per cent – lower at 20,607.88. The Nasdaq shed 2.6 per cent to 6,011.23.
