U.S. stocks, the dollar, and government bonds were down in Wednesday’s trading amid investor worries about controversial actions and comments from President Donald Trump. The major U.S. stock indexes fell 1.8 percent or more, and the Dow Jones Industrial Average was off 372 points.
The faltering markets follow Trump’s firing of the FBI chief, his reported sharing of secrets with top Russian officials, and allegations that the president may have tried to block an investigation into actions by a top aide who was fired.
Following Trump’s election, the dollar rose and stocks climbed to a series of record highs as investors bet that Trump’s promises to cut taxes and regulations would boost economic growth and corporate profits.
Investors may be having second thoughts, though, after legislative efforts to repeal and replace a health care law stalled, and the tax cut agenda is tangled in political bickering.
Even Trump’s Republican allies say calls for congressional and other investigations of the administration’s actions are a distraction for lawmakers trying to move his agenda forward against determined opposition from Democrats.