Stocks Tumbled on Trump Tariff Comments

U.S. stocks ended sharply lower on Thursday after President Donald Trump announced tariffs on steel and aluminum imports. The Dow Jones Industrial Average fell 420.22 points, or 1.68%, to 24,608.98. The S&P 500 dropped 36.16 points, or 1.33%, to ,677.67. The Nasdaq Composite lost 92.45 points, or 1.27%, to 7,180.56.

Oil prices on Thursday settled at their lowest level in about two weeks, a day after data showed a weekly rise in U.S. crude supplies and production, along with an unexpected climb in gasoline stockpiles. April West Texas Intermediate crude shed 65 cents, or 1.1%, settle at to $60.99 a barrel. May Brent fell 90 cents, or 1.4%, to $63.83 a barrel.

President Donald Trump announced on Thursday he would impose hefty tariffs on imported steel and aluminum to protect U.S. producers, risking retaliation from major trade partners like China and Europe and helping trigger a large selloff on Wall Street.