Aug 18, 2017

Stocks get a Bannon bounce

Wall Street is reacting positively to news that Steve Bannon is out as senior advisor to President Trump.

Axios' Jonathan Swan first reported at 11:13pm ET that Bannon was likely a goner, which caused the Dow Jones Industrial Average to gain more than 60 points over 20 minutes. The momentum then kept going, with another mini-spike after a the NY Times' Maggie Haberman tweeted that a decision had been made.

Data:; Chart: Andrew Witherspoon / Axios
Data:; Chart: Andrew Witherspoon / Axios

Confetti: CNBC reports that floor traders on the New York Stock Exchange cheered the news.

Contrast: Stocks yesterday had their worst session in months, partially due to rumors that former Goldman Sachs president Gary Cohn could step down as Trump's top economic advisor, thus potentially threatening tax reform.

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