Wall Street drops more than 1 percent on Trump tariff comments

05 March, 2018, 01:30 | Author: Shannon Aguilar
  • Reuters

Traders appeared to take a different view, resulting in the Dow Jones Average plummeting 292 points to 24,317 and the S&P 500 plunging 20 points to 2,657. Investors wondered if that will lead to other countries putting up barriers that will hurt the global economy as well as profits for USA exporters like Apple.

Best Buy jumped around 5 percent after it reported strong same-store sales for the fourth quarter, recovering from falls overnight due to the USA consumer electronics retailer's announcement of 250 small mobile phone store closures.

The worst performing sectors were energy, materials, and health care down 2.2%, 1.7%, and 1.5%, respectively.

Via his Twitter account, president Trump addressed these concerns by saying that "trade wars are good" when you are the country that is "losing many billions of dollars on trade with virtually every country it does business with". It is down 3.9 percent for February but still up 1.5 percent in 2018.

"Trump has always been accused of prioritising protectionist populist measures over those that will benefit both domestic and global growth, something he has repeatedly dismissed, claiming the measures being considered were aimed at making trade fair and reciprocal".

Steel makers were sharply higher following reports that the government would announce tariffs on imported steel.

Meanwhile, the Federal Reserve is likely headed for three rate hikes in 2018, but investors are anxious that policymakers may be more aggressive.

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Worries about the possibility of much higher interest rates have been at the centre of the market's troubles over the last month.

"We have also seen continued strength around the globe". Visit MarketWatch.com for more information on this news. The stock sank $4.67 to $57.73.

Patterson Companies fell to the biggest loss in the S&P 500 after it reported weaker earnings for the latest quarter than analysts expected and said that its chief financial officer was leaving.

The company declared a final dividend of 1.74 cents per share. Brent crude, the worldwide standard, lost 94 cents, or 1.5 per cent, to $63.79 a barrel.

France's CAC 40 fell 1.1 per cent and Germany's DAX was down 2 per cent.

In the currency markets, the USA dollar was buoyed by Powell's comments, rising 0.3% on Wednesday to reach its second-best month of President Donald Trump's term, climbing 1.7% against a basket of currencies overall for the month. The metal fell 1.6% this month. Nasdaq 100 futures rose 0.2%. In Asia, Japan's Nikkei 225 lost 1.6 per cent and Hong Kong's Hang Seng rose 0.6 per cent.


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