1st LD: U.S. stocks plunge as Flynn pleads guilty to making false statements to FBI

NEW YORK, Dec. 1 (Xinhua) -- U.S. stocks fell sharply on Friday, after report showed former U.S. National Security Adviser Michael Flynn pleaded guilty to lying to the Federal Bureau of Investigation regarding his improper contacts with Russia.

At midday, the Dow Jones Industrial Average plummeted 245.13 points, or 1.01 percent, to 24,027.22. The S&P 500 lost 28.07 points, or 1.06 percent, to 2,619.51. The Nasdaq Composite Index was down 96.18 points, or 1.40 percent, to 6,777.79.

Analysts said uncertainty has weighed on the financial markets. Gold and U.S. Treasuries rallied following the news as Wall Street fled to safe haven assets immediately.

Meanwhile, investors also awaited a Senate vote on tax reform. The U.S. Senate Budget Committee on Tuesday approved the Republican tax bill to overhaul the U.S. tax code, sending it to the Senate floor for a vote.

Republicans previously hoped they could pass a plan by late Thursday or early Friday, but were forced to delay voting after a setback. The next roll call vote was set for 11:00 a.m. (1600 GMT) on Friday.

U.S. stocks fell in the early trading on Friday, after Senate Republicans delayed voting on their tax bill.

U.S. equities have posted solid gains and notched record highs several times since the Election Day, partially boosted by expectations of lower corporate taxes.

The Dow Jones Industrial Average broke above the 24,000 mark on Thursday, as investors had high expectations that Republicans were on the verge of the biggest tax code overhaul in about three decades.

"We remain positive on U.S. equities given the strength of corporate earnings, progress on corporate tax reform, and a broadly supportive international economic climate," Humberto Garcia, head of global asset allocation for Bank Leumi USA, told Xinhua. Enditem