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Stocks: Market Tanks on Impeachment, Trade, Iran worries

Stock MarketsSep 24, 2019 05:27PM ET
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Investing.com – Stocks slumped Tuesday on word an impeachment inquiry will be started against President Trump as well as on Trump's angry rhetoric over both China and Iran.

The S&P 500 was off 0.84% and finished below 3,000 for a third straight day. The Dow Jones industrials fell 0.5%. The NASDAQ Composite dropped 1.46%, with small caps taking a big hit. Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX) were big losers.

The market was mostly buffeted by political news all day and the climax came on news House Speaker Nancy Pelosi was going to announce a formal impeachment inquiry against President Trump later Tuesday.

The move came as the president promised to release a transcript of his phone call with Ukraine's president, which sparked questions of whether the Administration was trying to bully the eastern European country into investigating former Vice President Biden and his son Hunter Biden.

Meanwhile, the president slammed China for its stubbornness in not acceding to U.S. demands for more open markets. He also railed against Iran, saying the nation had blood lust.

A weak report on consumer confidence from the Conference Board also pressured stocks.

Lastly, WeWork CEO Adam Neumann stepped aside in the wake of investor skepticism about its finances and the initial public offering it pulled.

But, after the close, Dow component Nike (NYSE:NKE) shares jumped as much as 6% and hit all-time highs after the athletic footwear and equipment company beat analyst estimates on revenue and earnings.

Crude Oil fell with West Texas Intermediate crude ending at $57.29, down $1.35. Brent oil futures fell to $63.10 a barrel, down $1.67.

But, overall, investors wanted safety. Utilities and consumer staples stocks were the only sectors to move higher. Energy, technology and communications services were among the weakest sectors, with stocks like Tesla (NASDAQ:TSLA), Uber Technologies (NYSE:UBER), LYFT (NASDAQ:LYFT) and Netflix (NASDAQ:NFLX) tumbling,

Norfolk Southern Corporation (NYSE:NSC), Hershey (NYSE:HSY), Colgate-Palmolive Company (NYSE:CL) and Boeing Co . (NYSE:BA) were among the winners.

Walmart Inc. (NYSE:WMT) and Procter & Gamble (NYSE:PG) hit new highs.

Gold Futures moved higher. Interest rates dropped. The 10-year Treasury yield fell to 1.637% from Monday's 1.708%.

Stocks: Market Tanks on Impeachment, Trade, Iran worries
 

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Klaus Weyers
Klaus Weyers Sep 24, 2019 10:31PM ET
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and despite market selloff Trump will be reelected running against Crazy Pocohontas..
Che Tran
Che Tran Sep 24, 2019 10:31PM ET
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not if he's in jail by then
Gold Fever
Gold Fever Sep 24, 2019 8:46PM ET
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Market Tanks? Sure to catch the eye of some couch bulls itchin to buy.. lmao
Klaus Weyers
Klaus Weyers Sep 24, 2019 8:46PM ET
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sell every rally.. 25% drop coming
Tanusree Mukherjee
Tanusree Mukherjee Sep 24, 2019 7:49PM ET
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A dog is more loyal to its American owner than the democrats. Democrats just proved how much bully they are! Why there is no open investigation against Biden?  What I'm seeing republicans wining Presidential election again in 2020.
Andrew Hook
Andrew Hook Sep 24, 2019 7:49PM ET
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with your origin take Care Trump is not putting you away from US.
John Miller
John Miller Sep 24, 2019 6:41PM ET
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What will you call when it drops 5% in one day?
John Miller
John Miller Sep 24, 2019 6:39PM ET
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Market tanks!
Alex Cavasin
Alex Cavasin Sep 24, 2019 6:23PM ET
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I thought i herd her say that she wanted to impeach President Bush...
Alex Cavasin
Alex Cavasin Sep 24, 2019 6:12PM ET
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At some point even the most inept politicians will start doing some real work rather then just wasting taxpayers money and going after those that do work to improve things. Isn't it time to send her packing?
Wai Chong
Wai Chong Sep 24, 2019 6:12PM ET
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Exactly... Like how the gop spent so much money witch hunting Hillary, disputing Obama birth certificate.. The democrats witch hunt Trump in return. Time for a third party.
Will Contarino
Will Contarino Sep 24, 2019 6:12PM ET
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Wai ChongBengazi was a legitimate controversy. American lost their lives. Money was spent disputing Obama’s BC?
Erski Gumby
SB20 Sep 24, 2019 6:12PM ET
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Wai ChongTrump wasn’t in politics when he went after Obama’s birth certificate.
Silverbug 19
Silverbug 19 Sep 24, 2019 5:24PM ET
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All a big mind game. Senate will never vote in favor.
Adrian White
Adrian White Sep 24, 2019 5:24PM ET
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Because Senate Republicans have become blind to the law when it comes to one of their own.
Hank Williams
Hank Williams Sep 24, 2019 5:20PM ET
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He needs to ignore Iran. Iran will say anything for headlines.
Haz Matt
Haz Matt Sep 24, 2019 5:20PM ET
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so will Trump. I try to ignore him...
David Chiou
David Chiou Sep 24, 2019 5:20PM ET
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Haz MattIgnoring him would only make me lose my opportunity to sell OTM calls. I have his notifications on blast.
Hank Williams
Hank Williams Sep 24, 2019 5:16PM ET
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What is the Koch group going to do with their stooge.
Tom Lemon
Tom Lemon Sep 24, 2019 5:16PM ET
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trump started this by being the disaster that he is.
dustin johnson
dustin johnson Sep 24, 2019 5:09PM ET
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I guess dems really want Mike Pence to be president.
Joshua Hunt
Joshua Hunt Sep 24, 2019 5:09PM ET
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theyll impeach him too
Tanusree Mukherjee
Tanusree Mukherjee Sep 24, 2019 5:09PM ET
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Joshua Hunt  Based on what? Also Trump will "NOT BE IMPEACHED". I guaranty about it.
Adrian White
Adrian White Sep 24, 2019 5:09PM ET
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That's only because the Republican Senate puts party before the country and before the law.
Tim Hotons
TradeKing Sep 24, 2019 4:43PM ET
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Go Pelosi, you are the hero of Americans, Impeach this Global war initiator and extreme racist that absolutely is shame of our Americans that turned America into a joke on the global stage.
Paul Manefee
Paul Manefee Sep 24, 2019 4:43PM ET
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You should be expelled out of America and sent to prison camps in China
DrFunkenstein hayson
DrFunkenstein hayson Sep 24, 2019 4:28PM ET
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time to load up on gold and silver. Dems are starting a disaster hopefully they reap the whirlwind
Peter Dikeakos
Peter Dikeakos Sep 24, 2019 4:20PM ET
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Bonds rallied BIG....Less trust in stocks. Bitcoin and NASDAQ tanked because .....discretionary cash is limited. Why else would the Fed throw $ 250 billion into the system ?
Alex Cavasin
Alex Cavasin Sep 24, 2019 4:20PM ET
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Bitcoin (and all other cryptos) will soon see an abrupt end caused by google's breakthrough in quantum computing. Not will it render any encryption obsolete but it will instantly make crypto transactions an open book leaving any user at the gov's mercy.
 
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