May 17, 2017
The Dow dropped 1.8 percent and ended at its lows at 20,606 for the largest daily decline in eight months. The session was rattled by a New York Times report that President Trump asked James Comey, before sacking him, to drop an investigation of his former national security adviser Michael Flynn. Congress is expected to call Comey to testify in the promise of future drama that would no doubt further distract attention from the administration's stimulus plans.
Demand for the security of bonds is up with the yield on the 10-year Treasury down 6 basis points to 2.22 percent. But safe-haven demand isn't helping the dollar as the dollar index, at 97.55, posted a second straight sharp decline of 0.7 percent. Oil firmed slightly and is testing resistance at $49 following a sixth straight draw for weekly oil inventories.