Trump Jr. emails trig­ger quick drop

The Denver Post - - BUSINESS -

It wasn’t a big move, and nor did it last long, but it was enough to re­mind bulls the mar­ket hasn’t gone com­pletely deaf to pol­i­tics.

The Dow Jones In­dus­trial Av­er­age erased about 160 points in 20 min­utes and vol­ume in the most widely traded S&P 500 fu­tures tripled as a gut check landed on traders just af­ter 9 a.m. MST Tues­day. The cat­a­lyst was the re­lease of emails by Don­ald Trump Jr. that said the Rus­sian govern­ment backed his fa­ther’s pres­i­den­tial cam­paign and was try­ing to dam­age Hil­lary Clin­ton.

Reve­la­tions con­cern­ing for­mer FBI Di­rec­tor James Comey sent the Dow to a 373-point plunge on May 17 — losses that were re­couped in a week.

“The more the mar­ket has to grap­ple with events with Washington, the more we’ll see a sit­u­a­tion where the mar­ket even­tu­ally breaks its will,” said Michael An­tonelli, an in­sti­tu­tional eq­uity sales trader and man­ag­ing di­rec­tor at Robert W. Baird & Co. Bloomberg News

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