The US markets ended mostly in green on Wednesday, as traders paid no head towards President Donald Trump reiterated that he is ‘not stopping’ previously delayed tariffs on Canada and Mexico. While a 30-day pause on those tariffs is set to expire on March 4, Trump indicated the tariffs would take effect on April 2, the same day he purportedly plans to announce reciprocal tariffs on other U.S. trade partners. Traders also overlooked the Commerce Department released a report showing a substantial pullback by new home sales in the U.S. in the month of January. The Commerce Department said new home sales plunged by 10.5 percent to an annual rate of 657,000 in January after spiking by 8.1 percent to an upwardly revised rate of 734,000 in December. Street had expected new home sales to slump by 2.6 percent to an annual rate of 680,000 from the 698,000 originally reported for the previous month.
On sectorial front, networking stocks saw substantial strength on the day, with the NYSE Arca Networking Index surging by 2.8 percent after ending the previous session at its lowest closing level in over a month. Significant strength was also visible among semiconductor stocks, as reflected by the 2.1 percent jump by the Philadelphia Semiconductor Index. Computer hardware, gold and brokerage stocks also saw notable strength, while housing stocks came under pressure over the course of the session
Dow Jones Industrial Average decreased 188.04 points or 0.43 percent to 43,433.12, while Nasdaq increased 48.88 points or 0.26 percent to 19,075.26 and S&P 500 was up by 0.81 points or 0.01 percent to 5,956.06.
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