(CNBC) — U.S. equities closed lower on Monday, notching their worst day of the year, as a new measure taken by the Trump administration on immigration sent jitters through the market.
President Donald Trump signed an executive order late Friday that would temporarily bar entry into the U.S. to Iraqi, Syrian, Iranian, Sudanese, Libyan, Somali and Yemeni citizens. The order seeks "extreme vetting" procedures for those it did allow to enter the U.S. In signing the order, Trump said he pledged to "keep radical Islamic terrorists out of the United States of America."
"We spent the first two months [following the election] focusing on the positives for companies. What we're seeing here is that life is not a straight line," said Craig Sterling, head of U.S. equity research at Pioneer Investments. "Perhaps the market is looking at the other side of things. Maybe the Trump administration is not going to do all the things businesses want."
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