(CNBC) Stocks fell on Thursday after President Donald Trump said the U.S. will implement tariffs on steel and aluminum imports next week.
The Dow Jones industrial average closed 431 points lower after rising more than 150 points earlier in the day. The 30-stock index fell as much as 586 points.
The S&P 500 declined 1.4 percent — erasing its year-to-date gains — with industrials as the worst-performing sector. It also briefly broke below its 100-day moving average, a key technical level. The Nasdaq composite fell 1.3 percent and dipped below its 50-day moving
Advertisement - story continues below