US Markets Volatile After Report That Flynn Could Testify The Trump Administration Told Him To Contact Russia

Former security adviser Michael Flynn has agreed to testify against President Donald Trump, members of the Trump family and White House officials on their willful contact with Russians during the 2016 presidential campaign, according to Friday reports.

Flynn confessed during a Friday hearing that Trump had directed him to make contact with the Russians, despite later firing Flynn on revelations of such interactions.

The former adviser also pleaded guilty to lying to the Federal Bureau of Investigation about his communications and promised “full cooperation” in Special Counsel Robert Mueller’s investigation.

The SPDR Dow Jones Industrial Average ETF DIA and the SPDR S&P 500 ETF Trust SPY plunged 1.2 percent on the news, although it's worth noting that the markets had traded near these values Wednesday before riding a Thursday rally.

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SPDR Gold Trust (ETF) GLD spiked 1 percent and the CBOE Volatility Index VIX popped 14 percent.

At time of publication, markets were still under heavy selling pressure.

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