Top White House economic adviser Gary Cohn, who has been leading the Trump administration effort to overhaul the U.S. tax code, will remain in his position as director of the National Economic Council, a White House official said.

Cohn, who was said to be particularly upset over President Donald Trump’s remarks on the violence in Charlottesville, has no plans to resign the post, the official said, speaking on condition of anonymity.

Financial markets swooned as concern spread that Cohn might leave. The S&P 500 Index tumbled as much as 0.7 percent to the lowest level this week, while Treasuries erased earlier losses amid the risk-off mood.

Market analysts consider Cohn’s continued presence a positive sign, though they are wrestling with whether the fallout from Trump’s polarizing remarks on race-related issues will damage his administration’s tax-cutting, deregulation and pro-growth agenda.

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