Disappointment to have Rex Tillerson leave: Charles Schwab
Charles Schwab Corp. founder Charles Schwab on Rex Tillerson's ouster as secretary of state.
U.S. stocks seesawed as investors digested the latest shakeup at the White House and on the heels of a tame inflation reading.
Major news on Tuesday was the sudden departure of Secretary of State Rex Tillerson. As confirmed by a tweet from President Donald Trump, the former CEO of ExxonMobil is out and will be replaced by CIA Director Mike Pompeo.
The news came shortly after the Labor Department said its consumer price index rose 0.2% in February. While the reading is in line with estimates, it is well below the 0.5% jump in January. Concern that inflation will accelerate faster than expected has recently pressured the markets.
The Dow Jones Industrial Average gave up triple digit gains and the Nasdaq retreated after setting an intraday record high. Investors are also keeping an eye on oil which declined to the $60 per barrel level as investors weighed how Tillerson's exit will impact policies around Iran and in the Middle East.