Trump: Impeachment talk hurting Americans' retirement plans, stock markets

Moody’s chief capital markets economist John Lonski argues there is no recession on the immediate horizon.

Amid market turmoil on Wednesday, President Trump said the impeachment buzz around Washington is hurting stock markets and pension accounts for Americans.

"All of this impeachment nonsense, which is going nowhere, is driving the Stock Market, and your 401K’s, down,” Trump wrote in a tweet. “But that is exactly what the Democrats want to do. They are willing to hurt the Country, with only the 2020 Election in mind!”

The Dow Jones Industrial Average at one point tumbled more than 500 points after fears of a recession grew as U.S. economic data disappointed. Signs of a slowdown in the American jobs market flashed Wednesday after payroll processing firm ADP reported the private sector added 135,000 jobs in August, less than the estimate of 140,000. Meanwhile, the ISM September Manufacturing Index fell to its weakest reading since June 2009.