Gary Cohn’s sudden resignation as President Trump’s top economic adviser is already rattling Wall Street.
Dow futures fell more than 300 points on Tuesday evening after Cohn announced plans to step down amid a disagreement with Trump over trade policy. S&P 500 futures slid more than 1%.
The negative reaction underlines how investors have long been reassured by Cohn’s presence in the Trump administration. Many believed the former Goldman Sachs president was a moderating voice to Trump’s more aggressive views on economic policy, especially trade.
“The market looked at Gary Cohn as being the counterbalance to a pure strain of nationalism on tariffs and trade,” said Peter Kenny, chief global market strategist at Global Markets Advisory Group.
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Dow futures fell more than 300 points after Gary Cohn announced plans to step down amid a disagreement with Trump over trade policy https://t.co/3JUiXjC6qn pic.twitter.com/q8q0EiqGnK
— CNN (@CNN) March 7, 2018
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