Stocks sold off Thursday as false rumors swirled that Gary Cohn, President Donald Trump's top economic adviser, was resigning. The concern on Wall Street was that Cohn's departure could stifle some of the administration's business-friendly plans including tax reform.
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STOCKS GET CRUSHED: Here's what you need to know
Stocks tumbled from their strongest levels of the day as rumor swirled that Gary Cohn, President Donald Trump's top economic adviser, was resigning.
The major equity indexes lost more ground after a van plowed into a crowd in Barcelona, Spain, in what authorities said was a terrorist attack.
By the market close, the S&P 500 had logged its second largest one-day decline of the year.
Safe haven trades like Treasurys and gold rallied as stocks sold off. The benchmark 10-year yield fell more than 3 basis points to 2.18%, and was hovering near its lowest level since the end of June. Meanwhile, gold climbed about $5 an ounce to near $1,288.
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Here's the scoreboard:
- Dow:
- S&P 500:
- Nasdaq:
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