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US stocks sink as Trump impeachment calls grow louder

Thursday, 18 May 2017 4:39 AM [ Last Update: Thursday, 18 May 2017 5:02 AM ]

Traders finish the day at the New York Stock Exchange after markets took a sharp turn downward after news reports of former FBI Director James Comey's interactions with President Trump on May 17, 2017 in New York City. (Photo by AFP)

Deepening worries over US President Donald Trump’s uncertain future following a series of scandals has sent jitters through financial markets in the United States.

US stocks suffered their worst trading day in eight months on Wednesday after some lawmakers strongly criticized Trump over his recent scandals involving ousted FBI Director James Comey.

The Dow Jones Industrial Average fell 372 points, and was down 1.8 percent – the biggest one day decline since the president was elected.

The broad-based S&P 500 dropped 1.8 percent, while the tech-rich Nasdaq Composite Index tumbled 2.6 percent.

Both the Dow and S&P 500 suffered their worst percentage drops since September 9.

"It's certainly a day when the chickens are coming home to roost," Donald Selkin, chief market strategist at Newbridge Securities in New York, said.

"The (equity) bull market is not over by any means, but between the political stuff and the fact that the next earnings season is three months away, there's going to be a lack of motivation,” Selkin added.

Calls are growing louder for the impeachment of Trump amid an investigation into his alleged links to Russia.

Al Green, a Democratic congressman from Texas, has become the first to call for Trump’s impeachment following revelations that the president had pressured Comey to drop the investigation into General Mike Flynn, who was US national security adviser and resigned over undisclosed contact with a Russian diplomat.

Former FBI Director James Comey (L) and ousted US National Security Advisor Michael Flynn

Trump dismissed Comey last week citing his handling of the FBI investigation into Hillary Clinton's use of a private email server while at the State Department.

But this week reports emerged that Trump had asked Comey to end a probe into Flynn.

Comey, who was fired in a surprise move last week, wrote a memo detailing his conversation with Trump immediately after the meeting, which took place the day after Flynn resigned.

According to the memo, details of which were first revealed by The New York Times, Trump told the then-FBI chief, "I hope you can see your way clear to letting this go, to letting Flynn go."

The Trump administration found itself in more trouble on Monday night, when The Washington Post claimed in a report that the president shared classified information with Russian officials during a White House meeting on May 10.

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