NEW YORK, March 7 (Xinhua) -- U.S. stocks trader lower on Wednesday after Gary Cohn, the chief economic advisor to U.S. President Donald Trump, resigned from his post.
At midday, the Dow Jones Industrial Average lost 134.43 points, or 0.54 percent, to 24,749.69. The S&P 500 decreased 10.43 points, or 0.38 percent, to 2,717.69. The Nasdaq Composite Index was down 5.10 points, or 0.07 percent, to 7,366.91.
Cohn, a "globalist" within the White House, has been mounting a last-ditch attempt to head off Trump's new tariff plan on steel and aluminum.
Trump said last Thursday that he would impose 25 percent of tariff on steel imports products and 10 percent on aluminum as early as the following week.
Many worried that the planned tariffs would raise prospects of a trade war and hurt the U.S. economy.
Analysts said Cohn has been seen as a voice of reason in a White House that is seemingly in constant turmoil and he opposed the implementation of tariffs. His departure raised concerns about a potential trade war in the near future.
In the economic front, U.S. private sector employment increased by 235,000 jobs from January to February, according to the latest ADP National Employment Report on Wednesday, beating market expectations.
The report was widely seen as a preview of the U.S. Labor Department's monthly nonfarm payroll report, which is scheduled to release on Friday. Enditem
