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The Dow Jones Industrial Average closed lower on Tuesday after alternating between gains and losses throughout the session in the latest bout of market volatility.
The 30-stock index plunged 53.02 points to 24,370.24. At its high of the day, the Dow rose as much as 368 points. It also fell as much as 202 points.
The S&P 500 stumbled 0.94 points to 2,636.78.
The NASDAQ kept gains of 11.31 points to 7,031.83.
Equities have been increasingly volatile of late. The Dow and S&P 500 are both down more than 1% for the year after hitting all-time highs.
Equities fell to their lows of the day around noon after a contentious fight between President Donald Trump and Democratic leadership over border security. Trump threatened to shut down the government if more money was not allocated towards building a wall along the U.S.-Mexico border.
Bloomberg News reported earlier on Tuesday that China is moving toward cutting tariffs on cars made in the U.S. to 15% from the current 40%. The proposal has been submitted to the Chinese Cabinet and will be reviewed in the coming days, the report says.
Caterpillar shares forgot earlier gains and lost 15 cents, to $123.24, while Deere lost three cents to $147.00. These stocks are seen as bellwethers for global trade because of their exposure to overseas markets.
Prices for the benchmark for the 10-year U.S. Treasury were lower, raising yields to 2.88% from Monday’s 2.86%. Treasury prices and yields move in opposite directions
Oil prices improved 72 cents to $51.72 U.S. a barrel.
Gold prices settled $1.50 to $1,247.90 U.S. an ounce.
