Stocks fell sharply Wednesday as investors worried that the latest turmoil in Washington could hinder President Donald Trump’s pro-business agenda.
The steep drop was the market’s worst since September and ended an unusually long period of calm. Banks, which soared in the months since the election, declined the most. Bonds, utilities and gold rose as traders shunned riskier assets. The dollar fell.
The Standard & Poor’s 500 index slid 43.64 points, or 1.8 percent, to 2,357.03.
The Dow Jones industrial average fell 372.82 points, or 1.8 percent, to 20,606.93.
The Nasdaq composite gave up 158.63, or 2.6 percent, to 6,011.24.
The Russell 2000 index of small-company stocks lost 38.79 points, or 2.8 percent, to 1,355.89.
For the week:
The S&P 500 is down 33.87 points, or 1.4 percent.
The Dow is down 289.68 points, or 1.4 percent.
The Nasdaq is down 109.99 points, or 1.8 percent.
The Russell 2000 is down 26.88 points, or 1.9 percent.
For the year:
The S&P 500 is up 118.20 points, or 5.3 percent.
The Dow is up 844.33 points, or 4.3 percent.
The Nasdaq is up 628.12 points, or 11.7 percent.
The Russell 2000 is down 1.24 points, or 0.1 percent.