S&P 500 down 10 points
The S&P 500 dipped as low as 2605 on the Flynn guilty plea and agreement to cooperate with officials but has rebounded to 2636 -- wiping out more than three-quarters of the decline.
Looking closer at the story, there is nothing to implicate that Trump's team colluded with Russians before the election. The accusation is that Flynn contacted and lobbied a foreign government -- Russia -- between the election and the inauguration.
Bloomberg reports that Flynn was likely directed by Jared Kushner to find a member of the UN Security Council to veto or delay a resolution condemning Israeli settlements. Flynn admitted he lied about asking Moscow to stop the vote.
Whatever he lied about, it doesn't look like Flynn is about to implicate anyone in rigging an election or working with Russian agents to hack DNC emails.
However, it's not looking very good for Jared Kushner.
