#YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
To get the latest market news, check out finance.yahoo.com
US stocks moved higher on Thursday after President Donald Trump said he plans to introduce reciprocal tariffs but delayed their implementation, while investors digested another report that suggested inflation is once again heating up.
The Dow Jones Industrial Average (^DJI) added more than 0.7%, or over 350 points, while the S&P 500 (^GSPC) put on over 1% and closed at 6,115.06, just shy of its record close of 6,118.71 . The tech-heavy Nasdaq Composite (^IXIC) rose more than 1.5% as Nvidia (NVDA) and Tesla (TSLA) rallied.
Markets took a fresh tariff announcement from Trump in stride. In a briefing Thursday afternoon, Trump called for "fair and reciprocal" tariffs on all US trading partners. But the measure he signed fell short of immediately implementing those tariffs. Instead, they would go into effect as early as April, theoretically leaving wiggle room for any countries to negotiate before then.
"I will charge a reciprocal tariff, meaning whatever countries charge the United States of America, we will charge them," Trump told reporters Thursday afternoon in the Oval Office.
Meanwhile, January’s Producer Price Index (PPI) showed wholesale inflation remain sticky, after a similarly hot consumer inflation print for the month dented optimism for an interest rate cut.
Earnings season rolls on, looking solid after a majority of beats from the almost 70% of S&P 500 companies to have reported so far. Robinhood (HOOD) shares soared on the heels of a fourth quarter profit beat after the bell on Wednesday. But Reddit’s (RDDT) stock tumbled amid a miss in user growth at the social media company.
