Even stocks appear to be abandoning President Trump.
The Dow Jones industrial average nosedived 274 points on Thursday as investors grew increasingly concerned that Trump’s toxic tongue is endangering his ambitious economic agenda.
It was the second-biggest decline for the Dow this year — which had powered ahead more than 20 percent since Election Day.
The Dow closed at 21,750.73, down 1.2 percent, while the Nasdaq fell 1.9 percent, to 6,221.91, and the S&P 500 dipped 1.5 percent, to 2,430.01.
The Dow was dragged down by Goldman Sachs, which dropped 1.8 percent, to $221.42. Only Apple and Cisco Systems fell more.
Wall Street is worried that Trump’s chief economic adviser, Gary Cohn, Goldman’s former president, could step down from his post in the wake of Trump’s equivocating comments on white supremacists in Charlottesville, Va.
Cohn, who’s Jewish, was reportedly “anguished” by Trump’s comments that some of the white nationalist protesters were “very fine people.”
The value of the dollar dropped early Thursday on rumors that he was going to leave the administration. The White House responded to the rumor by saying Cohn was staying put.
Cohn has been working with Treasury Secretary Steve Mnuchin — a fellow Goldman alumnus — on a sweeping corporate tax package.
Without Cohn, tax reform and other economic moves would be harder to accomplish, Wall Street pros said.
Cohn is so important to Wall Street that the Financial Times rebranded the last year of gains as the “Cohn trade.”