USA stocks fall on Gary Cohn resignation rumours

Heather Heyer

Stocks began to lose ground early in the session, following speculation of White House Economic Adviser Gary Cohn's possible departure.

The council, which had not yet been assembled, would have provided the White House with advice on how to spend billions of dollars to improve the nation's roads, bridges and railways.

Donald Trump's comments about the events in Charlottesville drew the ire of CEOs who resigned from his various advisory councils, prior to them being disbanded.

Investors fled into German and U.S. Treasury bonds and bought gold for the third day in a row, as U.S. policy uncertainty and fears of more attacks boosted the appeal of such top-notch assets. It is the latest news that investors say distracts from his campaign pledges to cut taxes and reinvest in us infrastructure.

Bloomberg reported that while she was also displeased at the president's comments, she is has no plans to quit her position.

As Trump's chief strategist, Bannon has been seen as representing a right-wing political faction that critics have said encourages white supremacists like those involved in the deadly rioting last weekend in Charlottesville, Virginia.




Still, stocks are only 10 days removed from all-time highs; "We've had a lot of things happen recently, so if people want to sell, they have reasons to do it", says Anthony Conroy, president at Abel Noser.

Meanwhile, several leading members of Donald Trump's Republican Party and key ally Britain sharply rebuked the US president on Wednesday after he insisted that white nationalists and protesters opposed to them were both to blame for deadly violence in the Virginia city of Charlottesville. Many have noted that Jewish members of the administration - including Cohn, Treasury Secretary Steve Mnuchin and adviser Jared Kushner, the president's son-in-law - have been silent on the remarks.

"He's anxious about his reputation being trashed, which is much more valuable to him than anything else", the former administration official, speaking on condition of anonymity, said of Cohn.

After his initial statement failed to offer a full-throated condemnation of white nationalist and other hate groups, Trump was pressured by his aides to follow up with a more forceful statement. "If he's choosing not to provide that moral leadership, the business community is a place that includes leaders that can". The country's justice minister accused Trump of trivializing anti-Semitism and racism. That's the most since the two weeks before the election.

"Gary brings experience in how financial markets work and fail, through good times and stressful times", said Erik Gordon, a law professor at the University of MI in Ann Arbor.

U.S. Army Chief of Staff General Mark Milley wrote on Twitter, "The Army doesn't tolerate racism, extremism, or hatred in our ranks".

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