As Retired Lt. General Michael Flynn entered his guilty plea for lying to the FBI, the stock market tumbled, as the market doesn’t do well in times of uncertainty, suggests Fox News. Reports indicate that Flynn has agreed to work with the prosecution, leaving many things up in the air when it comes to Donald Trump and his members of his campaign, according to Fox in their live broadcast today.
The stocks fell “sharply” on Friday, reports the Business Insider, following a report that surfaced suggesting, “Flynn would say that Donald Trump told him to contact the Russians.” This report came from Brian Ross of ABC News, according to the Business Insider.Fox News also reported on the ABC News report on their live broadcast, with both media sites saying they couldn’t get official confirmation on this.
With or without official confirmation, the stocks, which were having a banner week up until today, fell sharply once the news went public. As news of the tax bill getting closer to passing with the Senate Republicans, the stocks topped off this week at an all-time high, but that changed on Friday. Both the Dow and S&P 500 hit their highest mark in history on Thursday, according to CNBC News.
According to the Business Insider, after the headlines on Flynn broke, the Markets reacted. They report, “The Dow, off its worst levels of the intraday sell-off, was down 90 points, or 0.37%, to 24,182, at 1:31 p.m. ET. The S&P 500 was down 0.43%, to 2,636.” Gold, which is considered a safe bet, if you listen to the commercials on TV selling gold as an investment, “jumped 1.1%, or $15.20 an ounce, to $1,288.40.”
The Dow was down 343 points at the lowest dip today, and now it is in the recovery mode, fueled by Trump’s tax reform, once it was learned they had the 50 votes they needed.
This news today doesn’t bode well for Donald Trump. According to Fox, “Senior members of [Trump’s] transition team directed Flynn to contact nations including Russia over U.N. December vote.” They also reported that “Flynn said government facts are correct.”
The report stated, “Then on December 29, Flynn tells senior members transition team Russia will not escalate after Obama administration retaliates for interference in U.S. election. This is after a series of calls between Flynn and Russian ambassador.” This report was put on the screen during the Fox News broadcast. The name on the bottom of the report indicated it was coming from Catherine Herridge, who is the Chief Intelligence correspondent for the Fox News Channel. CNN News reports that Flynn is cooperating with Mueller.
Flynn was charged Friday with “one count of making false statements to federal investigators.” He has pleaded guilty, along with vowing to cooperate with the special counsel Robert Mueller. According to Fox News, concerns of an “impeachable defense” now bubble up, which will depend upon what Flynn has to say about the level of involvement Trump’s team had and how far up the ladder does this go. Fears of it going to the top have the stock market responding today.
Mueller is heading up the investigation into whether members of Trump’s campaign team colluded with the Russians, as well as Russia’s interference in the 2016 US election.