Wall Street skids to a halt on major investor concerns over Trump's immigration controls

Wall Street does not like Trump's controversial immigration controls.

Wall Street was in the red and made the largest loss for the year so far as investors fear negative ramifications on the back of Trump's decision to temporarily block entrance to the United States for certain countries that Trump said are the same countries previously identified by the Obama administration as sources of terror.

The controversy comes as his critics  accuse President Trump of hypocrisy for citing the 9/11 terrorist attacks as an example of what he hopes to prevent with the travel ban. The perpetrators of the plane hijackings were nationals of Saudi Arabia, the United Arab Emirates, Egypt, and Lebanon, but none of the countries were affected by the executive order.

In response, Trump made a statement saying:

 "There are over 40 different countries worldwide that are majority Muslim that are not affected by this order. We will again be issuing visas to all countries once we are sure we have reviewed and implemented the most secure policies over the next 90 days. I have tremendous feeling for the people involved in this horrific humanitarian crisis in Syria. My first priority will always be to protect and serve our country, but as President I will find ways to help all those who are suffering."

However, his statement did little to curb the exodus from US assets and the stock market as investors are concerned over Trump's "off the cuff" executive orders that is creating a great deal of uncertainty in the market going forward considering the amount of contesting that is taking place within his administration and Federal states opposing to adhere to his orders.

The Dow Jones Industrial Average dropped and finished up below the psychologically-important 20,000 mark, losing 123 points, or 0.6%, to end at 19,970. The S&P 500 lost 13 points, or 0.6% by the close and finished at 2,280. Meanwhile, the Nasdaq Composite Index fell 47 points, or 0.8%, to finish at 5,613. Despite a drop in yields, with the 2yr yields nudging lower to 1.20%, the US dollar index was little changed on the day.