Wall Street Rises Despite Trump's Tariff Threats; Airline and Steel Stocks Lead Gains
The Dow climbed 192.34 points (0.4%) to 44,650.64, the Nasdaq inched up 19.33 points (0.1%) to 20,630.66 and the S&P 500 rose 17.20 points (0.3%) to 6,280.46.
Despite lingering uncertainty over Donald Trumps trade policies, Wall Street closed higher. Trump announced a 50% tariff on copper starting August 1 via Truth Social, raising concerns. He also shared letters to multiple world leaders outlining further tariff plans. However, investors seem to be discounting his unpredictable announcements. Analysts suggest markets are now refocusing on economic data and corporate performance instead.
The Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th. The report said initial jobless claims dipped to 227,000, a decrease of 5,000 from the previous week's revised level of 232,000.
Airline stocks substantially moved upwards, with the NYSE Arca Airline Index soaring by 7.8% to its best closing level in four months. Delta Air Lines (DAL) led the sector higher, spiking by 12% after reporting better than expected earnings for the June quarter and reinstating its full-year profit outlook. Steel stocks were significantly strong, as reflected by the 1.8% jump by the NYSE Arca Steel Index. Biotechnology, energy and financial stocks too saw notable strength while software and networking stocks moved to the downside.
Asia Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index fell by 0.4%, while China's Shanghai Composite Index climbed by 0.5%. The major European markets also ended the day mixed while the German DAX Index decreased by 0.4%, the French CAC 40 Index rose by 0.3% and the U.K.'s FTSE 100 Index jumped by 1.2%.
In the bond market, treasuries recovered from early weakness to end the day roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.34% after reaching a high of 4.37%.
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