Wall Street pares losses from tariff threat
Updated:7 years, 8 months ago
New Delhi, Mar 03 (ANI): The S&P 500 bounced back from a 30 point deficit on March 2 after initially plunging on fears of a global trade war. The indexes suffered losses for the week. President Donald Trump tweeted Friday that trade wars are "good, and easy to win," showing defiance as he faced global criticism for vowing to slap import tariffs on steel and aluminum. Global Markets Advisory Group senior market strategist Peter Kenny says the S&P needs to fall more to test a key technical level: Investors sought safety, bidding up gold, the Japanese yen and government bonds. They also bought defensive stocks like telecom, utility consumer staples stocks. J.C. Penney shares plunged. The department store chain's quarterly sales at established stores rose but fell short of analysts' estimates. Footlocker stumbled. Traffic at its U.S. stores was flat, and same-store sales fell more deeply than expected. Trump threatened a 25 percent tariff on steel imports and 10 percent on aluminum without exemptions for any countries. Trump's tariff announcement sparked a broad sell-off in Europe that sent the export-oriented German DAX sharply lower.
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