Markets Right Now: Late rally erases an early stock slide
NEW YORK (AP) — The latest on developments in financial markets (all times local):
A late burst of buying erased a sharp drop stocks suffered early in the day.
Bond yields and the price of gold rose Friday, both signs that investors expect inflation might tick up.
Investors remain focused on President Donald Trump’s threat to impose tariffs on steel and aluminum imports.
A trade war could lead to inflation and weaker profits for U.S. exporters and companies that are big users of steel and aluminum. Caterpillar fell 2.6 percent.
Small-company stocks rose.
The Standard & Poor’s 500 index rose 13 points, or 0.5 percent, to 2,691. The Nasdaq rose 77 points, or 1.1 percent, to 7,257.
The Dow Jones industrial average came mostly back from a 390-point loss and ended down 70 points, or 0.3 percent, at 24,538.
Stocks are mostly lower on Wall Street as investors worry that an escalation of trade tensions could harm big U.S. companies and the global economy.
Indexes opened sharply lower on Friday, following big declines in Asia and Europe, but pared their losses by midday.
Blue-chip companies, which do more sales overseas than smaller ones, fared worse than the rest of the market.
Boeing, Caterpillar and 3M pulled the Dow Jones industrials lower.
Investors remain concerned that President Donald Trump’s plan to impose tariffs on steel and aluminum will lead to retaliation from other countries.
The Dow was down 161 points, or 0.7 percent, to 24,444. It was down 390 earlier.
The Standard & Poor’s 500 was flat at 2,676. The Nasdaq rose 23 points, or 0.3 percent, to 7,203.
Stocks are opening lower Friday as investors remain concerned that President Donald Trump’s plan to impose tariffs on steel and aluminum imports will lead to retaliation from other countries.
Big industrial users of steel and aluminum such as Boeing opened with losses. Steelmakers also opened lower after posting sharp gains Thursday.
The retail sector is sinking with the exception of Gap. JC Penney is down 8 pct after reporting weak holiday sales. Gap shares rose 6 percent.
Treasury yields rose, as did gold, on inflation concerns.
The Standard & Poor’s 500 index fell 16 points, or 0.6 percent, to 2,661. The benchmark index is down 3 percent so far this week.
The Dow Jones industrial average sank 223 points, or 0.9 percent, to 24,389. The Nasdaq fell 57 points, or 0.8 percent, to 7,129.