Indices closed in red territory on Thursday. Stocks slipped amid investor concern over new steel and aluminum tariffs announced by President Trump. Steel brands on the other hand, including U.S. Steel and AK Steel Holding, gained on the news. On another note, initial jobless claims decreased last week. Department of Labor data showed new claims fell by 10,000 to 210,000. The result marks a 49-year low for first-time claims. Looking elsewhere, manufacturing ticked up in February. The ISM manufacturing index hit 60.8, up from 59.1 in January, and exceeded the consensus forecast of 58.7.