WATCH: New York Stock Exchange traders erupt in cheers over news that Bannon is out

Traders on the floor of the New York Stock Exchange (NYSE) erupted into cheers when they heard the news that President Donald Trump's White House has parted ways with chief White House political strategist Stephen K. Bannon.

CNBC broke the news live and microphones captured the sound of elated cheers.

On Thursday, news that senior White House adviser Gary Cohn might resign over Trump's mishandling of the administration's response to the violence in Charlottesville, VA sent shockwaves through the market. Cohn and Bannon were known to be at odds over economic policy.

The nationalist faction in Trump's White House holds a much more isolationist economic policy than the so-called "globalist" group, headed by Cohn.

Watch the video, embedded below: