US stocks gain on lingering hopes over Trump tariffs
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Traders working on the floor of the New York Stock Exchange, during morning trading, on March 25.
PHOTO: AFP
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NEW YORK - Wall Street stocks mostly closed higher on March 25, building on earlier gains amid hopes that US President Donald Trump might take a narrower approach to upcoming tariffs than originally expected.
The Dow Jones Industrial Average was flat at 42,587.50, while the broad-based S&P 500 Index advanced 0.2 per cent to 5,776.65.
The tech-focused Nasdaq Composite Index added 0.5 per cent to 18,271.86.
“The absence of bad news is good news for stocks,” said Mr Adam Sarhan from 50 Park Investments.
He added that there has been “so much bad news” over the last few weeks that the respite on March 25 allowed investors to breathe a sigh of relief.
For now, markets are waiting for further hints about Mr Trump’s upcoming tariff roll-out, with the President having promised “reciprocal tariffs” tailored to each trading partner on April 2.
While he earlier signalled that sector-specific levies hitting industries such as automobiles and semiconductors could come around the same day, the White House said on March 24 that the situation remained fluid.
The March 25 market gains came despite US consumer confidence falling for a fourth straight month in March, the Conference Board said, with survey respondents flagging growing concerns about the economic impact of Mr Trump’s trade plans.
Separately, new US home sales picked up slightly less than expected in February, with analysts warning that tariffs could raise costs for home builders – weighing on the market subsequently.
Looking ahead, investors will be awaiting updates on US gross domestic product data released on March 27, and the release of a key inflation gauge due on March 28. AFP
