Dow jumps almost 350 points despite Trump saying he won't back down on tariffs

Markets Insider

• The Dow rose nearly 350 points Monday as fears of a possible trade war continue.
• President Trump doubled down on his proposed 25% and 10% taxes on imported steel and aluminum saying " we're not backing down ."

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The Dow Jones industrial average gained nearly 350 points Monday, to close up 1.42% at 24,887, despite President Donald Trump saying that " we're not backing down " on his proposed tariffs on imported steel and aluminum.

The S&P 500 finished up 1.15% and the Nasdaq closed up 1.05%.

Trump, in an Oval Office meeting with Israeli Prime Minister Benjamin Netanyahu, said Monday that he wouldn't back down on his proposals.

"No, we're not backing down," Trump said. "We had a very bad deal with Mexico - we had a very bad deal with NAFTA."

The new taxes, which could come as soon as this week, and will charge an additional 25% on steel and 10% on aluminum, have created a rift within the Republican party. GOP Senator Ben Sasse said the move " will kill American jobs " and Trump's own Fed pick, Jerome Powell, said the tariffs are " not the best approach ."

Shares of US Steel and Steel Dynamics sank slightly in trading Monday . The two had previously gained more than 4% when the news of the tariffs first hit on Thursday.

Boeing , Caterpillar , and General Electric on the other hand, all gained more than 2% Monday. All three industrials had been hit hard last week by the news.

Elsewhere, the 10-year yield rose two basis points to 2.88%, while West Texas crude oil gained 2% to $62.69 a barrel.