Stocks Tumble as Trump's Political Crises Mount
Senator John McCain said the latest Trump scandals have reached "Watergate size and scale."
President Trump may be facing a crisis of historic proportions as the American stock market took a tumble Wednesday.
“The markets were on track for their largest daily declines in nearly two months,” according to Market Watch.
By the closing bell at 3:30 on Wednesday, the Dow Jones Industrial fell 310 points and the S&P 500 dropped 1.6 percent, with financials tumbling 3.1 percent to lead decliners.
The drop grows due to the political turmoil in Washington following news of a memo from former FBI Director James Comey, in which he describes a meeting in the Oval Office where Trump allegedly asked him to drop the investigation of ex-national security adviser Michael Flynn.
"I hope you can see your way clear to letting this go, to letting Flynn go." the Comey memo quotes Trump as saying. “He is a good guy. I hope you can let this go."
Comey writes that he replied to the president: "I agree he is a good guy."
The White House issued a flat-out denial declaring, "This is not a truthful or accurate portrayal of the conversation."
Meanwhile, Trump's mood "has become sour and dark" and he has unleashed his fury on his staff, including son-in-law Jared Kushner — calling them "incompetent," The New York Times reported.
During a GOP dinner Tuesday night, Arizona Senator John McCain said Trump’s scandals have reached "Watergate size and scale."
Many have called for the president to be impeached, including Rep. Al Green (D-Texas), who asked for the action Wednesday morning on the House floor.
Trump left Washington Wednesday morning and headed to New London, Conn., where he will give the commencement address at The Coast Guard Academy.
Following a bombshell report in The Washington Post that Trump shared classified intelligence with Russia on the battle against ISIS, Vladimir Putin has spoken out on Trump’s troubles, calling them "political schizophrenia."
"This is the only thing I can think of when I hear allegations saying that the president has revealed some secrets to [Russian Foreign Minister Sergey] Lavrov," Putin said.
Putin added that he was ready to provide recordings of the exchange that took place in the Oval Office last Wednesday.
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