Wall Street closes lower as US withdraws from TPP

By Ovunc Kutlu

NEW YORK (AA) – Shares were lower Monday on Wall Street after the U.S. withdrew from the Trans-Pacific Partnership (TPP) deal, leaving investors worried.

President Donald Trump kept one of his campaign promises by signing an executive order to pull the U.S. out of the multinational trade deal with 12 Pacific Rim nations that comprises approximately 40 percent of global trade.

Although Trump threatened to scrap the deal while he was on the campaign train, the swift action on the first business day of his administration jolted investors.

Major American multinational companies felt the shock and lost more than 2 percent of in value.

Stocks of General Electric and Transocean fell 2.5 percent and 3.6 percent, respectively. American Airlines lost 2.2 percent and Delta Air declined 3.4 percent.

At the closing bell, the Dow lost 27 points to 19,799.

The S&P 500 fell six points to 2,265 and the Nasdaq was down two points to close at 5,552.