Stocks Opened Lower after Cohn’s Resignation

U.S. stocks opened lower on Wednesday after the resignation of the White House’s chief economic adviser, Gary Cohn. The Dow Jones Industrial Average lately fell 165.38 points, or 0.66%, to 24,718.74. The S&P 500 lost 16.02 points, or 0.59%, to 2,712.10. The Nasdaq Composite dropped 29.52 points, or 0.40%, to 7,342.49.

Crude prices came under pressure on Wednesday, ahead of U.S. supply data that could show rising stockpiles. April West Texas Intermediate crude dropped 53 cents, or 0.9%, to $62.07 a barrel. May Brent crude fell 62 cents, or 0.9%, to $65.17 a barrel.

The U.S. trade deficit rose in January to the highest level since October 2008, defying President Donald Trump’s efforts to bring more balance to America’s trade with the rest of the world. The Commerce Department said Wednesday that the trade deficit rose to $56.6 billion in January, up 5 percent from $53.9 billion in December and the highest since October 2008’s $60.2 billion trade gap.