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Stocks are set to tank after Wall Street-friendly Cohn resigns

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CNBC
March 7, 2018

U.S. stock index futures pointed to a sharply lower open on Wednesday after news that White House chief economic advisor Gary Cohn has resigned.

Dow Jones industrial average futures indicated a drop of more than 300 points at the open, while the S&P 500 futures implied a decline of about 1 percent. Industrials stocks Caterpillar and Boeing fell more than 2 percent in extended trading.

Cohn, former Goldman Sachs president and COO, was seen as supporting more business-friendly policies, so his resignation was especially jarring in the wake of President Donald Trump’s surprise announcement of tariffs on steel and aluminum imports on Thursday.

The SPDR S&P 500 ETF Trust (SPY) fell roughly 1 percent in premarket trading.

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This article was posted: Wednesday, March 7, 2018 at 8:07 am





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