US: Stocks rise as Trump holds off on immediate tariffs
WALL Street stocks finished higher on Thursday, shrugging off disappointing inflation data and gaining ground after President Trump held off on concrete new tariffs for now.
Trump unveiled a “fair and reciprocal plan” for trade, ordering reports to address what he described as “unfair” conduct by trading partners, a step towards potentially wide-ranging tariffs on allies and competitors.
But Wall Street was encouraged that the plan did not include immediate levies.
Investors are “taking comfort” in the “idea that it’s negotiable and not coming into effect immediately,” said Tom Cahill of Ventura Wealth Management.
The Dow Jones Industrial Average gained 0.8 per cent to 44,711.43.
The broad-based S&P 500 climbed 1.0 per cent to 6,115.07, while the tech-rich Nasdaq Composite Index jumped 1.5 per cent.
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Earlier, US data showed the price index rose by 0.4 per cent in January, above the 0.2 per cent expected by analysts, adding to concerns about worsening pricing pressure after Wednesday’s consumer price data also exceeded estimates.
All 11 sectors in the S&P 500 finished in positive territory, along with all but a few of stocks in the Dow index.
But Deere & Company fell 2.2 per cent as it navigates a tough agriculture market with the depressed state of farm income and higher interest rates that make equipment purchases difficult.
The company’s revenues fell more than 30 per cent last year, while it projected broad-based decline again in 2025. AFP
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