Jan. 30 (UPI) — The spectacular 12-week surge on Wall Street may have finally ended Monday, as all three major U.S. indices fell and the Dow Jones Industrial Average posted its biggest one-day loss since election day.
The Dow fell 123 points to finish at 19,971.13 — giving back significant gains last week that pushed it over the historic 20,000-mark. The S&P 500 fell 14 points to 2,280.90, and the Nasdaq tumbled 47 points to 5,613.71.
The Dow’s drop is the largest single-day loss since Trump’s surprise election on Nov. 8 — the starting point for a rally that lasted for nearly three months and gained more than 1,700 points. The largest one-day loss in that span before Monday was 119 points on Dec. 14.
The surge was based partly on investors’ confidence in Trump’s business acumen and his potential economic policies. Monday’s decline, though, coincided with national protests over the president’s closing U.S. borders to citizens from seven predominantly Muslim nations.
Several top Wall Street executives have criticized the travel ban, saying it runs counter to their beliefs and could undermine global markets.
“Being diverse is not optional; it is what we must be,” Goldman Sachs CEO Lloyd Blankfein told employees Monday. “Now is a fitting time to reflect on those words and the principles that underlie them.”
Monday’s fall again put the Dow under the 20,000-mark, which it surpassed for the first time last week.