The U.S. stock market Wednesday was on pace to log its worst daily decline in eight months, as concerns about President Donald Trump’s FBI controversy weighed on investor sentiment. The Dow Jones Industrial Average dropped 1.5% at 20,670, and at it lows was on pace for its sharpest decline since Sept. 9, 2016, according to FactSet data. The S&P 500 index was off 1.5% at 2,366, on track for its worst daily drop since Sept. 13. Meanwhile, the technology-laden Nasdaq Composite Index was down 2% at 6,045 putting it on pace to post its steepest daily fall since Sept. 9. The downdraft comes on a so-called risk-off day for Wall Street, with haven assets like the 10-year Treasury note [BX: TMUBMUSD10Y] drawing bidders and pushing yields, which move inversely to price, firmly lower. The 10-year Treasury note was off 10 basis points at 2.22%, and gold futures , another flight-to-safety security, settled sharply higher at $1,258.70 an ounce. Weakness came after the New York Times late Tuesday reported that Trump in February asked then-director of the Federal Bureau of Investigation, James Comey to stop his investigation into former National Security adviser Michael Flynn. The report cited a memo from Comey. That has raised questions about the president’s ability to implement pro-market policies that have driven stocks to recent records.
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