S&P 500, Dow Jones Dive Late As Trump Advisor Gary Cohn Resigns Amid Steel Tariff Move | Stock News & Stock Market Analysis

The S&P 500 index, Dow Jones industrial average and Nasdaq 100 fell in late trading on word that chief economic advisor Gary Cohn will resign as President Trump remains committed to imposing a 25% tariff on steel and a 10% tariff on aluminum.

Cohn, who will leave at an unspecified date, was widely respected on Wall Street and a fierce opponent of protectionist economic policies in the White House. His exit undercuts hopes for Trump to delay or modify his tariffs. It also means Cohn won’t be around to argue against further protectionist moves.

S&P 500, Dow Jones and Nasdaq 100 futures were not yet active. But ETFs for those major indexes fell more than 1% on the Cohn headlines.

Apple (AAPL) fell 1.4% in late trading. Boeing (BA) fell 3.4% and General Motors (GM) sank 2.4%; both are big steel and aluminum users. U.S. Steel (X) edged up 1.1%. United Technologies (UTX), one of the most exposed to the proposed tariffs, was off 1.6%.

Apple, Boeing and United Technologies are all Dow Jones components.


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Originally posted 2019-09-19 23:10:31.


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