Traders had a rough go Thursday after news broke that President Donald Trump would enact tariffs on steel and aluminum, sending the Dow tumbling as much as 550 points after spending part of the day in positive territory.
The selloff began during new Federal Reserve Chairman Jerome Powell's testimony in front of the Senate Thursday. After a sharp dip, stocks began to recover during the speech. However, after Trump said the U.S. would introduce the tariffs, and possibly start a trade war, next week, stocks tanked.
The Dow Jones Industrial Average and S&P 500 turned negative for the year following a blood bath during Thursday's session.
The major indices were able to come up off of their session lows but all fell more than 1% in trading.
The Dow led the way lower, falling 1.73%, or 425 points, to 24,604, while the S&P 500 fell 1.34%, or 37 points, to 2,677 and the Nasdaq dropped 1.27%, or 92 points, to 7,180.56.
Here are the worst performing securities on the Dow Jones Industrial Average Thursday.
- Boeing Co. (BA) -- Shares of Boeing closed down 3.38%, or $12.25, to $349.96
- United Technologies Corp. (UTX) -- Shares of United Technologies closed down 3.27%, or $4.40, to $130.345
- Caterpillar Inc. (CAT) -- Caterpillar shares were down 2.8%, or $4.40, to $150.23
- Intel Corp. (INTC) -- Intel shares were down 2.94%, or $1.45, to $47.84
- Cisco Systems Inc. (CSCO) -- Cisco shares were falling 2.2%. or 98 cents, to $43.80
As for the securities bucking the Dow's downward turn:
Verizon Communications Inc. (VZ) was the lone security trading in the green on the Dow Thursday. Verizon was up 0.46%, or 22 cents, to $47.96.