by Johann M Cherian, Sukriti Gupta and Chibuike Oguh
(Reuters) – The New York Stock Exchange ended up on Wednesday, after a hectic session, while the markets tried to assess the prospects for appeasement of trade tensions between the United States and their main trade partners, the day after the entry into force of vast customs duties.
The Dow Jones index won 1.14%, or 485.60 points, at 43.006.59 points.
The wider S&P-500 took 64.48 points, or 1.12%, at 5,842.63 points.
The Nasdaq Composite advanced 267.57 points (1.46%) at 18,552.73 points.
Initially, after the publication of mixed economic data, the main Wall Street indices fell, against the backdrop of concerns about customs duties of 25% imposed since the day before by the United States on most imports from Canada and Mexico.
However, the announcement that US President Donald Trump was considering a month’s postponement of taxes targeting cars imported from Canada and Mexico caused a rebound, which was then specified by the confirmation by the White House of a decision in this direction.
“We are on roller coaster with customs duties,” said Wasif Latif, director of investments at Sarmaya Partners, New Jersey.
“It seems that the economic data, the Fed, and everything else, have been relegated to the background,” he added. “It is a reminder of the way in which these policies have a long -term impact and that the markets react to that.”
A report published in the day shows an unexpected acceleration of activity in the American service sector in February, but signs suggesting an increase in input prices have tempered optimism.
Distinct data indicates a slowdown in job creation in the private sector in the United States last month.
In recent weeks, concerned about the hypothesis that the trade measures announced by Donald Trump fuel inflation and slow down the US economy, investors have separated from risk values.
The industry, and the communication services recorded on Wednesday among the highest increases in the major sectors of the S & P-500. Energy fell.
Folded the day before, car manufacturers have progressed, including Ford and General Motors who took 5.8% and 7.2% respectively.
Intel declined 2.4% after Donald Trump comments calling for public aid from the semiconductor industry. Crowdstrike finished 6.3% dropped for forecasts lower than expectations for the current quarter.
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(Written by Jean Terzian)
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