Wall Street tumbles on Spain terror, Trump policy worries

Trump implored to fire 3 White House staffers

It was the seventh straight day in which the NYSE and Nasdaq had more stocks making new 52-week lows than highs, the longest stretch since Trump's election.

Escalating worries about the Trump administration's ability to push through its economic agenda have rattled investors this week.

Mr. Cohn, who is Jewish, was reported to be "disgusted" on Tuesday by Mr. Trump's remarks about violence at a white nationalist rally in Charlottesville, Virginia.

The S&P 500 lost 1.25 per cent, or 30.96 points, to 2,437.15 and the Nasdaq Composite down 1.68 per cent, or 106.6 points, to 6,238.48.

The White House needs Congress to vote to raise the debt ceiling and clear the way for tax cuts in the next few weeks, measures that have split the Republican Party and could face cliffhanger votes. "I think if he steps away, it would crash the markets".

The White House announced President Donald Trump fired chief strategist Steve Bannon on Friday.

It was hoped that retired general John Kelly, Mr Trump's new chief of staff, could impose some form of discipline on Mr Trump that his predecessor, Mr Reince Priebus, could not. Cohn is leading the White House's tax reform efforts.




Trump on Thursday decried the removal of pro-slavery Civil War Confederacy monuments, which have fuelled US racial tensions, stoking worries that some of his key policy staffers and aides may quit. Officials shared their anguish in phone calls and texts, furtive exchanges that boiled down to a single question over and over - how much more can I take? - according to more than a half-dozen presidential aides and others familiar with the conversations.

He was not a natural fit to be Trump's top economic adviser because of his ties to Wall Street and New York Democrats, but Trump saw him as incredibly successful and a financial market "genius" who brought instant credibility to his economic team.

A parade of prominent Republicans and US ally Britain also rebuked Trump after his comments on Tuesday about the bloodshed in the college town of Charlottesville further enveloped his seven-month-old presidency in controversy, paralyzed his policy aims and left him increasingly isolated.

Investors have reason to be "encouraged" since the White House clearly shot down the possibility of Cohn leaving in a statement.

Some analysts suggest a Bannon exit could be positive for the markets because it would make it less likely that Cohn would leave.

But you won't get the White House to admit it.

The US dollar rose on Thursday, boosted by weakness in the euro after the European Central Bank's July policy meeting minutes, but the US currency was volatile as rumors swirled about the possible resignation of Gary Cohn, director of the US National Economic Council.

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