U.S. markets closed lower across the board for the first time in 8 sessions after showing strength on the open. The weakness came in second hour of trading as the news cycle was dominated by the firing of Rex Tillerson as Secretary of State. It was a surprise to him and the market as President Trump nominated Mike Pompeo, the current director of the Central Intelligence Agency, as his replacement.
The Nasdaq sank 1% after trading to an all-time intraday high of 7,634 on the open before holding the 7,500 level into the closing bell. The Dow dropped 0.7% and was able to hold 25,000 after slipping below this level late in the session.
The Russell 2000 fell 0.6% to close back below the 1,600 level. The S&P 500 cleared 2,800 by a point before giving back 0.6% but remains above its 50-day moving average.