Worries that Trump’s tariffs are damaging the economy linger, particularly after last week’s worse-than-expected report on the job market
Stocks are rising on Wall Street on Thursday, even as US President Donald Trump’s latest tariffs kicked into effect on dozens of countries.
The S&P 500 was 0.5 per cent higher in early trading and sitting just a bit below its record, which was set late last month. The Dow Jones Industrial Average was up 254 points, as of 9.31am Eastern, and the Nasdaq composite was 0.8 per cent higher.
Worries are still high that Trump’s tariffs are damaging the economy, particularly after last week’s worse-than-expected report on the job market. But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports have been overshadowing the concerns on Wall Street, at least for now. Lower interest rates can give the economy and investment prices a boost, though the downside is that they can also push inflation higher.
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