Dow shares fell 17.5% to $25.07 on Thursday, while the S&P 500 gained 0.1% and the Dow Jones Industrial Average fell 0.7%. The cut also hit shares of chemical-making peer LyondellBasel, whose stock fell 9.7% to $60.70.

Dow’s stock tumbles toward a five-year low after dividend was cut in half, and quarterly losses were much wider than expected.

Dow Inc.’s (DOW) stock is down 14% after the chemical producer announced that it is cutting its quarterly dividend payment by 50%. Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools,

The Dow Jones Industrial Average rallied 507 points, or 1.1%, and the Nasdaq composite climbed 0.6% to hit its own record. Stocks jumped even more in Tokyo, where the Nikkei 225 rallied 3.5% after President Donald Trump announced a trade framework that would place a 15% tax on imports coming from Japan.

The S&P 500 index notched its third consecutive record high Wednesday, with a U.S.-Japan tariff deal and signs of progress with other trade partners lifting the Dow Jones Industrial Average more than 500 points.

Share markets climbed on Wednesday, buoyed by investor hopes of a wave of trade agreements with the United States after Japan struck a deal that lowers U.S. tariffs on its autos, sending Japanese stocks to a one-year high.