The Dow Jones industrial average fell on Monday as investors worried a trade war could develop after President Donald Trump implemented tariffs on steel and aluminum imports.
The 30-stock index declined 157.13 points to close at 25,178.61, with Boeing, Caterpillar and United Technologies all falling at least 2 percent. The Dow rose more than 100 points earlier in the session as shares of Apple and Goldman Sachs reached all-time highs.
"It's a growing concern that a mistake in trade policy could be as big as a mistake in monetary policy," said Art Hogan, chief market strategist at B. Riley FBR.
Trump implemented a 25 percent tariff on steel imports and a 10 percent charge on aluminum imports. However, Canada and Mexico — two key U.S. trade partners — were excluded from the tariffs. But investors worried that other countries could retaliate by imposing tariffs on U.S. goods.
The S&P 500 slipped 0.1 percent to 2,783.02, with industrials dropping 1.2 percent. The Nasdaq composite climbed 0.4 percent to 7,588.32 to reach intraday and closing records as Apple recovered its losses from last month's correction. Amazon also hit an all-time high to help lead the gains.
On Friday, the Nasdaq erased its losses the correction, surging to an all-time high after the Bureau of Labor Statistics reported better-than-expected jobs growth for last month. The S&P 500 is 3.1 percent away from recovering those losses, while the Dow is 5.4 percent away.