Wall Street Wiggles Back Up After Trump Tweaks Tariffs

Photo by Yorgos Ntrahas on Unsplash
In a development that surprised about as many people as discovering avocado toast is still expensive, U.S. stocks decided to play nice after President Donald Trump waved his magic tariff wand and opted to ease up on his trade war threats. Apparently, a potential ceasefire in the looming economic disaster sent the markets into a bit of a footloose frenzy.
On Wednesday, the S&P 500 jumped 1.1%, making a prominent comeback from a gut-wrenching sell-off that had wiped out its much-vaunted ‘Trump bump’ since Election Day. On the same day, the Dow Jones Industrial Average managed to add 1.1% to its name envy, and the Nasdaq composite rocketed up 1.5%. Seems like they can’t be trusted around the twinkling lights of the stock exchange without throwing a little market party.
Trump’s latest power move? He graciously granted a one-month exemption for U.S. automakers from his draconian new tariffs on imports from Mexico and Canada. In a rare twist, investor optimism took off, hoisting Ford and GM stocks along with it. Can I get a round of applause for big oil and big auto?
Here’s how everything panned out by the end of the day:
- S&P 500: Up 64.48 points, reaching a sultry 5,842.63.
- Dow Jones: A lovely 485.60 points rise, now flaunting a total of 43,006.59.
- Nasdaq: Surged by 267.57 points, now standing primly at 18,552.73.
- Russell 2000: Gained 21.22 points, totaling 2,100.75.
Now, let’s keep it real. Despite this uplift, the numbers for the week still look as grim as your bank account after brunch:
- S&P 500: Down 111.87 points for the week; oof.
- Dow: Down 834.32 points; yikes!
- Nasdaq: Down 294.55 points; double yikes!
- Russell 2000: Down 62.32 points; please stop!
And for the year? The S&P is down a mere 39 points, while the Nasdaq dances its way down 758.06 points so far. But who’s counting? Let’s just sit back and watch the stock market rollercoaster. Remember folks, it’s all fun and games until someone actually has to pay for it, right?
AUTHOR: mpp
SOURCE: AP News