Later on Tuesday, House Oversight Committee Chairman Jason Chaffetz asked the FBI for any records it has on communications between Trump and Comey.

Traditional safe havens caught a bid as the benchmark 10-year yield fell to about 2.24 percent. The yen also rose against the dollar to trade at 111.37.

“If special prosecutors are hired or there is more talk about obstruction of justice being an impeachable offense, one can kiss the tax plan, health care plan, and fiscal stimulus plan goodbye for 2017,” Andy Brenner, head of international fixed income securities at National Alliance Securities, said in a note Monday.

Stocks have rallied all year in part because of the hope for lower corporate taxes. Lately, the major indexes have pushed towards record levels, with the S&P and Nasdaq notching all-time highs earlier this week.

The administration has said in the past that it uses the stock market as its economic report card, but the White House said Wednesday it had no comment on the sell-off.

But equities would take a big hit if Trump were impeached, Jack Welch, the former CEO of General Electric who has the president’s ear, told CNBC on Wednesday. “An impeachment proceeding would blow the market away,” Welch said on “Squawk Box.”

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