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Stocks Suffer Worst Day of the Year Amid White House Chaos

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    NEWSLETTERS

    Stocks Suffer Worst Day of the Year Amid White House Chaos
    AP
    In this Oct. 7, 2016 file photo, a sign for Wall Street is carved into a building located near the New York Stock Exchange.

    U.S. stocks closed sharply lower on Wednesday as investors digested the latest news out of Washington, with the Dow Jones averagine about 370 points lower, Goldman Sachs contributing the most losses, CNBC reported.

    The broader S&P 500 and Nasdaq also lagged, dropping 1.8 percent and 2.6 percent respectively.

    Stocks had rallied all year in part because of hope for lower corporate taxes. But "an impeachment proceeding would blow the market away," former General Electric CEO Jack Welch told CNBC.

    "This is clearly Washington-driven," said Michael Shaoul, chairman and CEO of Marketfield Asset Management. "It's a lot like 1998-99, when the market had to deal with the [Monica] Lewinsky scandal."

    Senate Releases Health Care Bill

    [NATL] Senate Releases Health Care Bill

    U.S. Sen. Mitch McConnell released the GOP's health care overhaul on Thursday. The 142-page proposal includes massive cuts to Medicaid, cuts in taxes for the wealthy and defunding of Planned Parenthood for at least one year. The Congressional Budget Office has not had a chance to score the Senate's bill yet. Under the House bill, the CBO found found that 23 million Americans would lose their   coverage by 2026.

    (Published Thursday, June 22, 2017)