Markets Right Now: Stock indexes struggle to a mixed finish
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks struggled to a mixed finish as some of investors’ worst fears about escalating trade tensions ebbed.
The market spent much of the day lower Wednesday following the departure of Gary Cohn, the top economic adviser to President Donald Trump. Cohn had opposed the administration’s planned tariffs on steel and aluminum.
Stocks pared some of their losses after the White House indicated there might be exceptions to the tariffs for Canada, Mexico and other countries.
Caterpillar, a construction equipment maker that faces higher prices for steel, lost 1.5 percent.
Technology and health care stocks rose.
The Standard & Poor’s 500 fell 1 point to 2,726.
The Dow Jones industrial average fell 82 points, or 0.1 percent, to 24,801. The Nasdaq rose 24 points, or 0.3 percent, to 7,396.
U.S. stocks are broadly lower as investors react to the departure of Gary Cohn, the top economic adviser to President Donald Trump.
Industrial companies like Caterpillar are taking some of the worst losses.
Harley-Davidson, which could become a target of retaliatory tariffs if the White House follows through on its tariff plans, fell 1.4 percent.
Wall Street liked Cohn, a former top executive at Goldman Sachs who opposed the administration’s planned tariffs on steel and aluminum.
Dollar Tree plunged 15 percent after reporting weak results and a disappointing annual forecast. Other retailers also fell.
The Standard & Poor’s 500 fell 15 points, or 0.6 percent, to 2,713.
The Dow Jones industrial average fell 212 points, or 0.9 percent, to 24,672. The Nasdaq lost 18 points, or 0.2 percent, to 7,353.
Stocks are opening broadly lower as investors following the departure of the top economic adviser in the White House.
Investors fear that the announced resignation of Gary Cohn, who opposed President Donald Trump on tariffs on steel and aluminum, would mean more protectionist policies from the White House.
Boeing and Caterpillar, which are both big users of metals and depend both on international trade, fell in early trading Wednesday. Caterpillar lost 1.6 percent and Boeing gave up 1.1 percent.
The Standard & Poor’s 500 index fell 16 points, or 0.6 percent, to 2,711.
The Dow Jones industrial average fell 196 points, or 0.8 percent, to 24,693. The Nasdaq composite lost 25 points, or 0.4 percent, to 7,346.
Bond yields fell slightly.