[NEW YORK] Wall Street stocks finished solidly higher on Monday (Apr 14) as markets greeted more conciliatory signs from the Trump administration on trade, including exemptions for key electronics.
“The market is reacting to a couple of glimmers of hope,” said Art Hogan of B Riley Wealth Management, pointing to the policy on electronics after Trump last week suspended for 90 days last hard-hitting tariffs.
“We are slowly starting to stitch together some scenarios that are better than the worst-case scenario,” said Hogan, who is hopeful for trade accords that could be used by Trump to claim victory.
The Dow Jones Industrial Average ended up 0.8 per cent at 40,524.79.
The broad-based S&P 500 also climbed 0.8 per cent to 5,405.97, while the tech-rich Nasdaq Composite Index jumped 0.6 per cent to 16,831.48.
Trump has insisted no country will be getting “off the hook” on tariffs, while other members of his administration have said levies on semiconductors are still coming soon.
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But shares of Apple, which were battered in the days just after Trump’s Apr 2 tariff announcement, climbed 3.7 percent.
US auto companies including General Motors and Ford also won big gains after Trump said he was “looking at something to help some of the car companies” hit by his 25 per cent tariff on all auto imports.
Elsewhere, Goldman Sachs jumped 1.9 per cent after reporting better than expected earnings on a jump in equity trading revenues.
This week’s earnings schedule includes reports from Citigroup, United Airlines, UnitedHealth Group and Netflix.
The calendar also includes a report on March retail sales and a European Central Bank monetary policy meeting. AFP
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