US markets closed mostly higher; Dow reports minor loss

03 Mar 2018 Evaluate

The US markets closed mostly higher on Friday, with the S&P 500 and the Nasdaq erasing an early decline to end higher as investors viewed the reaction to an announcements of tariffs as overdone. The Dow, however, fell for a fourth straight session and major indexes suffered sharp weekly losses. Much of that weakness came after President Donald Trump on Thursday announced tariffs on steel and aluminum imports, and subsequently escalated the rhetoric around a potential trade war, considered a major political risk for markets. Trump said he would sign orders next week imposing a 25% tariff on steel imports and a 10% tariff on aluminum. Many US companies use steel and aluminum in their production, such as airplane makers and beverage companies. Tariffs can push up the cost of goods, which in turn lifts the selling price or reduces profits, if the manufacturer absorbs the costs. Such trends could amplify market concerns about inflation, which have been a primary driver behind market direction in recent weeks, typically to the downside. Meanwhile, traders were also assessing Federal Reserve Chairman Jerome Powell’s second round of congressional testimony on Thursday. The new central bank boss struck a less hawkish tone than during his appearance on Tuesday, but was still seen as leaving the door open for four rate rises in 2018.

On the economy front, the University of Michigan’s consumer sentiment index in February was the second-strongest it has been in 14 years, though the final reading was revised lower a touch to 99.7. Consumers had favorable assessments of jobs, wages, and higher after-tax pay. The highest proportion of households since 1998 reported that their finances had improved compared with a year ago. Interestingly, the report said the tax cuts haven’t generated universal support, unlike previous reductions. The report noted a partisan split in reaction to them. With tax cuts being added onto an economy that already had high employment; consumers have been in a good mood. The University of Michigan said the data is consistent with a 2.9% gain in inflation-adjusted spending this year.

The Nasdaq gained 77.305 points or 1.08 percent to 7,257.87, S&P 500 was up by 13.58 points or 0.51 percent to 2,691.25, while the Dow Jones Industrial Average lost 70.92 points or 0.29 percent to 24,538.06.

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