Trump Rally Hits Speed Bump on Immigration Concern: Markets Wrap
- Stocks in biggest selloff since election, Treasuries gain
- Some business leaders unnerved by travel ban amid protests
U.S. stocks fell the most since the November election, while Treasuries advanced with gold as Donald Trump’s order on immigration raised concern that he may follow through with isolationist policies touted on the campaign trail, overshadowing a pro-growth agenda.
The Dow Jones Industrial Average lost more than 200 points before paring the slide in the final half hour of trading. It finished below 20,000 after closing at a record Thursday. The S&P 500 Index registered its biggest loss of the year, as Trump’s ban drew a rebuke from some Republican lawmakers, raising the specter of a rift between the executive and legislative branches. The dollar fell versus the yen and gold advanced as investors favored haven assets.