Markets

U.S. Markets Rise As Investors Digest Trade Tensions

U.S. Markets Rise As Investors Digest Trade Tensions

The latest plunge comes as China announced Monday its intentions to increase tariffs on some $60 billion worth of United States goods, a lot of them agricultural products. The S&P 500 also saw its biggest decrease since early January.

The Dow ended the day down 617 points while the S&P 500 fell 2.4 percent and the NASDAQ dropped 3.4 percent.

Also potentially weighing on markets are mixed signs on the global economy, with new trade data out of China showing imports rising, suggesting that global economic weakness continues to be a threat with which US investors must contend. The stocks of Apple Inc. slumped 5.8 percent and chipmaker NVIDIA fell 6.1 percent.

All three major USA indexes closed in the black, although they pared gains late in the day and clawed back less than half of Monday's losses, which were the largest one-day percentage drops in months.

"Risks for now seem very much skewed to the downside until we see some kind of equilibrium achieved again", said Neil Wilson, chief market analyst for Markets.com. Selling also hit shares of smaller companies that earn more of their revenue domestically - a sign of mounting fears that slowing growth overseas could spread to the U.S. Although some analysts say the direct effects of higher tariffs could be contained, many caution that the possibility of further increases will likely continue rocking markets. Traders work on the floor of the New York Stock Exchange (NYSE) on February 6, 2018 in New York City.

North American markets rallied Tuesday after enduring a deep hit to start the week due to the escalating U.S.

That said, between the fact that both USA and China are still talking and that the two Presidents are still expected to meet at the June G20 meeting, there is an apparent lack of progress noted in any aspects of trade negotiations.

The Dow Jones Industrial is down 470 points, or 1.8%.

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The broader S&P 500 index fell 2.8%. Utilities were the only sector to rise on the stock market, and prices for USA government bonds, which are considered ultra-safe investments, rose sharply, sending yields lower. The yield on the 10-year Treasury rose to 2.41% from 2.40%.

Boeing Co provided the biggest boost to the Dow, rising 2.1% as tariff-sensitive industrials buoyed the blue chip index. The Q1 economic data helped change his mind. 'Our working thesis is that we're going to be in for a period of volatility for most of the next month as we await the G-20 meeting'.

Sydney and Singapore each dropped 0.9 per cent, with Manila and Jakarta both down 1.4 per cent.

Teva, which was specifically mentioned, sank 16.8%.

Ride-sharing company Uber tumbled another 10.8% on its first full day of trading following its rocky debut on the stock market Friday. The stock had priced at $45 at its initial public offering but is now trading just below $37.

The dollar rose to 109.58 Japanese yen from 109.31 yen on Monday.

Light crude is US$0.32 up at US$61.53 a barrel.