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You should have bought Netflix shares

05 March, 2018, 02:01 | Author: Shawna Walton
  • Traders work on the floor of the New York Stock Exchange

Trump took to Twitter to defend his promise from Thursday to impose stiff tariffs on imports of steel and aluminum, which has investors anxious about escalating retaliation by other countries and higher inflation. "Underlying all of these trade issues here, when you have trade wars, is again fueling inflation, because presumably prices are going to be higher", said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. "But this is exactly what candidate Trump said he would do: He said he would be very protectionist and America First".

It accelerated in the last half hour of trading and ended at 2,691.25, up 13.58 points, or 0.5 percent. It raised rates three times last year, and investors are debating whether it will add another three or four increases this year.

When U.S. markets opened for trading, the Standard & Poor's 500 index plunged as much as 1.1 percent to join a worldwide sell-off after President Donald Trump doubled down on "trade war" talk.

An afternoon recap of the day's most important business news, delivered weekdays.

The Dow Jones industrial average fell 372, or 1.5 percent, to 24,238, and the Nasdaq composite dropped 74, or 1 percent, to 7,106.

A trade war could lead to inflation and weaker profits for USA exporters and companies that are big users of steel and aluminum. The benchmark index is coming off its worst month in two years.

If Trump follows through on his tariff promise, it could raise costs for companies that use lots of steel, which could lead to higher inflation. He vowed that "the European Union will react firmly and commensurately to defend our interests".

Shares of steelmakers swung wildly amid speculation that the USA government would impose tariffs or quotas on steel and aluminum imports. U.S. Steel X.N shares rose 5.7 percent, while shares of Nucor NUE.N climbed 3.3 percent.

Other notable index closes included the S&P 400 Mid-Cap Index at 1,878.61 for a gain of 20.52 points or 1.10%; the S&P 100 at 1,189.04 for a gain of 4.50 points or 0.38%; the Russell 3000 at 1,591.38 for a gain of 10.21 points or 0.65%; the Russell 1000 at 1,490.72 for a gain of 8.31 points or 0.56%; and the Dow Jones U.S. Select Dividend Index at 683.96 for a gain of 3.37 points or 0.50%. Boeing was down 3.5 percent and Caterpillar was down 2.8 percent.

Companies in the S&P 500 got 43 per cent of their sales from outside the United States in 2016, according to the most recent data from S&P Dow Jones Indices.

The gains on Friday came as investors who had been spooked by the prospect of a global trade war backed off those concerns and noted a trade war was far from certain at this point. Gold usually rises when fears about inflation are climbing.

On Thursday, though, he said that "I would expect that some continued strengthening in the labor market can take place without causing inflation". Some investors took that as a signal that the Fed may get more aggressive about raising rates, which sent stocks down and Treasury yields higher.

Worries about potentially higher rates and inflation have reintroduced markets to volatility following their unusually calm run in 2017 and early this year.

In the commodities markets, benchmark US crude rose 26 cents to settle at $61.25 per barrel.

Oil prices continue to drop following a report on Wednesday that showed more crude supplies in inventories last week than analysts expected. Brent crude, the global standard, lost 44 cents to $63.39 per barrel.

Gold rose $15.10, or 1.2 percent, to $1,320.30 per ounce.

CURRENCIES: The dollar inched up to 106.86 from 106.66 yen late Wednesday. The euro rose to $1.2331 from $1.2255, and the British pound rose to $1.3790 from $1.3768.

France's CAC 40 fell 1.1 percent and Germany's DAX was down 2 percent. General Motors (GM.N) was down 1 percent. The Nasdaq fell 92 points, or 1.3 percent, to 7,180.

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