S&P 500 Crashes After Nancy Pelosi Announces Formal Impeachment Inquiry of Trump

Stocks were seeing big losses on Tuesday after traders learned that President Donald Trump may be impeached.

The S&P 500 saw a drop of 0.8%, suffering its biggest one-day drop since Aug. 23, to 2,966.60. The Nasdaq Composite also had its worst day in a month, falling 1.5% to 7,993.63. The Dow Jones Industrial Average closed 142.22 points lower, or 0.5% at 26,807.77.

House Speaker Nancy Pelosi has announced a formal impeachment inquiry on the President.

“Today I’m announcing the House of Representatives is moving forward with an official impeachment inquiry,” Pelosi said at the Capitol late Tuesday afternoon. The inquiry marks just the fourth time in American history a president has faced a viable threat of impeachment.

“This week, the president has admitted to asking the president of Ukraine to take actions which would benefit him politically,” Pelosi said. “The actions of the Trump presidency revealed dishonorable facts of the president’s betrayal of his oath of office, betrayal of national security and betrayal of the integrity of our elections.”

Trump said he would release the full transcript of the controversial call. Trump said in a series of tweets he “authorized the release tomorrow of the complete, fully declassified and unredacted transcript of my phone conversation” with Ukraine President Volodymyr Zelensky.

“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!” the president also tweeted.”