U.S. stocks opened lower on Wednesday as the latest bit of political turmoil cast further doubt about whether President Donald Trump could move forward with a legislative agenda that Wall Street sees as necessary to justifying market valuations. The Dow Jones Industrial Average shed 176 points, or 0.8%, to 20,806. The S&P 500 slumped 16 points to 2,384, a decline of 0.7%. Wednesday was the biggest one-day drop for the S&P in more than a month. The Nasdaq Composite Index lost 56 points, or 0.9%, to 6,113. The CBOE Volatility Index surged 19% and was on track for its biggest daily jump since September. The day’s losses were widespread, with nine of the S&P 500’s 11 primary sectors down on the day. Among the biggest decliners were financials , which shed 1.5%. Goldman Sachs Group Inc. lost 1.9% in early trading while Bank of America sank 3%.
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