Dow advances, S&P 500 logs new record with boost from tariff pacts
Sign up now: Get ST's newsletters delivered to your inbox
Traders working on the floor of the New York Stock Exchange on July 23, in New York City.
PHOTO: AFP
Follow topic:
- US stocks rose on July 23, with the Dow gaining 1.1% and the S&P 500 hitting a record high for the third consecutive time.
- Tariff agreements with Japan and the Philippines, plus optimism about EU trade talks, boosted market sentiment.
- Company earnings reports indicated firms are managing current tariff levels by adjusting supply chains or prices.
AI generated
NEW YORK - Wall Street stocks advanced on July 23 with the Dow logging strong gains and the S&P 500 closing at a record for the third time in a row after the United States unveiled more tariff deals.
The Dow Jones Industrial Average added 1.1 per cent to 45,010.29, while the broad-based S&P 500 Index bounced 0.8 per cent to 6,358.91.
The tech-focused Nasdaq Composite Index climbed 0.6 per cent to 21,020.02.
The gains came after President Donald Trump announced on July 22 that Washington had reached tariff agreements with Japan and the Philippines, and as officials signalled optimism in trade talks with the European Union.
German Chancellor Friedrich Merz voiced optimism that EU and United States negotiators are making progress in talks to resolve a transatlantic trade row.
Several EU diplomats also said the bloc was examining a US proposal involving a baseline tariff of 15 per cent and sectoral carve-outs still to be decided.
An ongoing wave of company earnings reports also helped buoy major US indexes.
For the most part, “companies are saying that they can deal with tariffs at the levels they’re at,” shift supply chains or cope with modest price increases, said Mr Pat Donlon, of Fiduciary Trust Company.
“It will be interesting to see, though, some of the consumer discretionary companies that are more exposed to production in China, Vietnam, Malaysia, South Asia that report later in earnings season,” he said. AFP
