Stocks - Dow Ends Higher as Trump Reportedly Wary of Launching Auto Tariffs
Investing.com – The Dow rose for the second-straight day on Wednesday, as President Donald Trump reportedly will delay imposing tariffs on imported cars and parts, to avert entering a global trade war.
The Dow Jones Industrial Average rose 0.45%, the S&P 500 gained.58%, while the Nasdaq Composite moved up 1.13%.
Wall Street recovered strongly after an early slump following a rise in auto stocks on reports that the White House would not move ahead with duties on imported autos from the EU and Japan, Reuters reported, citing Trump administration officials.
Ford Motor (NYSE:F), General Motors (NYSE:GM) and Fiat Chrysler rose around than 1% on the day.
But a reversal in shares of Macy’s (NYSE:M) took some gloss off consumer discretionaries as the retailer warned it could see an impact from the escalating trade war between the U.S. and China. Macy's fell about 1% after rising as much as 4% on the back of better-than-expected earnings.
Alibaba (NYSE:BABA), meanwhile, ended the day higher after its fourth-quarter results beat expectations on both the top and bottom lines, thanks to a 76% surge in its cloud business.
In industrials, Boeing (NYSE:BA) rose 0.8% after the Federal Aviation Administration said that aircraft maker plans to submit a fix for its anti-stall software "in the next week or so."