NEW YORK — U.S. stocks fell 140 points on Tuesday in response to increased calls from House Democrats to impeach President Donald Trump.
The Dow Jones Industrial Average fell 141.68 points, or 0.53%, to 26,808.31, the S&P 500 lost 25.15 points, or 0.84%, to 2,966.63 and the Nasdaq Composite dropped 118.84 points, or 1.46%, to 7,993.63.
Financial experts connected the market’s volatility directly to the escalating calls by Democrats to impeach Trump amid allegations that he sought assistance from a foreign government to obtain dirt on Democratic rival Joe Biden.
The latest controversy stems from allegations made by a so-called “whistleblower” that Trump pressured Ukrainian President Volodymyr Zelenskiy to provide information on Biden in exchange for foreign aid.
The president has vehemently denied these allegations and told the press Tuesday that his only concern in regard to continued financial aid to the Ukrain is that the U.S. was paying more than European countries were.
“My complaint has always been, and I’d withhold again and I’ll continue to withhold until such time as Europe and other nations contribute to Ukraine because they’re not doing it,” Trump told reporters at the United Nations General Assembly.
Trump also on Tuesday ordered the complete, unredacted transcript of the call to be released to the press.
“I am currently at the United Nations representing our Country, but have authorized the release tomorrow of the complete, fully declassified and unredacted transcript of my phone conversation with President Zelensky of Ukraine,” Trump said in a released statement. “You will see it was a very friendly and totally appropriate call. No pressure and, unlike Joe Biden and his son, NO quid pro quo! This is nothing more than a continuation of the Greatest and most Destructive Witch Hunt of all time!”