Dow would drop up to 1,000 points if multiple Trump advisors were to resign

If more than one member of President Donald Trump‘s team resigns, the Dow could fall 500 points or more, closely followed trader Art Cashin told CNBC on Friday.

“If you had more than one resignation … I think it would have a very formidable effect — 500 or 1,000 points on the Dow possibly,” UBS’ director of floor operations at the New York Stock Exchange said.

“Not all in one day, but I think it would move there,” he added in an interview on “Squawk on the Street.”

U.S. stocks were set for their second straight weekly drop Friday on concerns Trump’s recent controversies will make it less likely for Congress to work with him to pass business-friendly legislation.

 

Source: CNBC

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