The Dow dropped below the 20,000 mark it hit for the first time last week amid investor’s concerns with the latest executive orders by President Donald Trump including what people called a “Muslim Ban”.

Trump signed an order late Friday to ban entry into the U.S. from Iraq, Iran, Syria, Yemen, Somali, Sudan and Libya for 3 months and the order also band refugee admissions for 120 days and Syrian refugee admissions indefinitely in order to keep radical Islamic terrorists out of the U.S. as he claims.

Federal judges in New York and Virginia, among others, overruled the ban on visa holders.

Thousands of protestors occupied airports across the country, including John F.Kennedy International Airport in New York and Dulles International Airport in Virginia to state their objection of the immigration order.

The Dow Jones Industrial Average fell more than 150 points with Boeing and Goldman Sachs contributing the most losses.

The S&P 500 fell 1 percent, energy and financials bore most losses.

Nasdaq composite lost 1.4 percent.

The three major indexes face their worst day since October 11 as the U.S. stock market was in a massive rally favoring the Trump-win in November in which the major indexes hit a series of records amid investor’s enthusiasm about lower taxes and deregulation.

Since the U.S. elections, S&P jumped 7.25 percent and Dow gained 9.61 percent.

Airlines and other travel stocks moved lower on the immigration ban. JetBlue (JBLU) , Southwest Airlines (LUV) , American Airlines (AAL) , Delta Air Lines (DAL) and Spirit Airlines (SAVE) sank, while Priceline (PCLN) , Tripadvisor (TRIP) , Expedia (EXPE) and Ctrip (CTRP) logged losses.

Leave a Reply

Your email address will not be published. Required fields are marked *