“The Dow Jones industrial average closed 336.70 points higher at 24,874.76 after dropping as much as 150 points. The S&P 500 rose 1.1 percent to 2,720.94 after briefly trading lower,” Imbert and Gibbs report. “The Nasdaq composite advanced 1 percent to close at 7,330.70.”
“‘Seeing Caterpillar and Harley-Davidson trade higher tells me that traders think this will end diplomatically,’ said Quincy Krosby, chief market strategist at Prudential Financial. She also noted that the President Donald Trump’s comments on NAFTA showed ‘flexibility’ on his part,” Imbert and Gibbs report. “Trump appeared to be opening the door for negotiations on tariffs. In a series of tweets Monday morning, Trump said:”
“Trump announced last week the U.S. will implement a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports. The news sparked fears of a potential global trade war,” Imbert and Gibbs report. “Equities fell following Trump’s announcement, with the Dow closing 420 points lower on Thursday. The S&P 500 and Nasdaq also closed lower that day.”
Read more in the full article here.
MacDailyNews Take: The market seems to agree that this sounds more like a negotiation tactic than set-in-stone policy.
Apple Macs caught up in President Trump’s aluminum tariff plan – March 2, 2018