Turbulence in Washington jolted markets out of an extended period of calm Wednesday. Stocks slid as investors pulled back from bets on the swift passage of President Donald Trump's agenda. In one of the clearest signs of waning investor confidence, a closely watched measure of the dollar's value was on track to give back its postelection gains. Stocks fell around the world, with major U.S. stock indexes heading for their biggest declines in months. U.S. stocks remain close to record highs and few investors said they expect a major pullback, but many said they were increasingly worried about the implementation of proposed policies such as tax cuts, deregulation and infrastructure spending following a series of developments in Washington. Some traders said Wednesday's selling was sparked by reports that President Donald Trump had allegedly asked then-FBI Director James Comey to back off the investigation of former national security adviser Michael Flynn. Wednesday's moves upended weeks of stability. Among market sectors, bank stocks were hit hardest: Financials in the S&P 500 were down about 2.8%. On the contrary, the U.S. gold price rose strongly overnight, rising 2.0% to 1,260.90 US$/oz.
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