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Daily Recap

Most people thought a day like today was inevitable, with just the timing of it being the big unknown. Combine a complacent, overvalued market with President Trump (allegedly) finally going too far in fighting mainstream Washington, and the result isn't pretty.

Asian stocks traded lower, followed by European shares doing the same, though London hung onto much of its recent gains. But fears of a hamstrung president, possibly facing impeachment, finally snapped investors out of their unconditional bullishness.

The result was sharply, almost chaotically, lower prices. The Dow lost 372 points, the S&P fell 44 points, and the NASDAQ − up the most for months − got hit the worst, down 159 points or 2.57%. Other US indices fell about 1.8%. The bottom line was the worst decline in many months and potentially the start of our long-awaited correction.

A rush to safety sent bonds, the yen, and gold higher, and the ... Log in or subscribe to continue reading.

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