Goldman, J.P. Morgan Slash More Than 100 Points From Dow As Market Sells Off

By Mark DeCambre Markets MarketWatch Pulse

A steep fall in the Dow Jones Industrial Average on Wednesday was being driven primarily by share declines in Goldman Sachs and J.P. Morgan Chase. The pair of financial firms' combined loss on the day was cutting more than 100 points from the blue-chip gauge. Financials were suffering the worst hit in Wednesday's broad-market downturn. The sector--on promises of deregualation and tax cuts--had been among the best performers following the surprise election of President Donald Trump back in November. Trump's recent woes, including reports that he allegedly asked the then-director of the Federal Bureau of Investigation, James Comey, to halt an investigation into former National Security Adviser Michael Flynn, was weighing on investor sentiment. Comey was fired last week amid an investigation Trump officials', including Flynn's, ties to Russia during the presidential campaign. The Dow was on track for its worst one-day decline since Sept. 9, while the S&P 500 index and the Nasdaq Composite Index also were on pace for their steepest daily slide since around September. Dow components, Goldman's stock was down 5.3%, contributing more than 80 points to the Dow's tumble, while J.P. Morgan Chase & Co.'s share decline was cutting more than 20 points from the equity benchmark.

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