Stocks Fall as US Imposes Steel Tariffs

Dow ends day down 251
By Newser Editors and Wire Services
Posted May 31, 2018 3:08 PM CDT
Stocks Fall as US Imposes Steel Tariffs
Trader Thomas Donato works on the floor of the New York Stock Exchange, Thursday, May 31, 2018. Stocks are off to a mostly lower start on Wall Street as losses for banks and consumer products makers offset gains for technology companies.   (AP Photo/Richard Drew)

(Newser) – Stocks skidded after the Trump administration said it is imposing tariffs on steel and aluminum imported from Europe, Canada and Mexico, the AP reports. Canada and Mexico responded with tariffs of their own Thursday, and the European Union is expected to follow suit. American steel makers mostly rose, while industrial companies like Boeing and Caterpillar fell as they face the prospect of paying more for metals. US Steel added 1.7%, while Boeing lost 1.7% and Caterpillar fell 2.3%. The S&P 500 index lost 18 points, or 0.7%, to 2,705. The Dow Jones industrial average fell 251 points, or 1%, to 24,415. The Nasdaq composite gave up 20 points, or 0.3%, to 7,442. (Read more stock market stories.)

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