WALL STREET CLOSES DOWN – The major stock indexes closed lower but partly recovered from initial steeper lossesĀ
The major stock indexes closed lower, but partly recovered from initial steeper losses as U.S. President Donald Trump delayed tariffs on Mexico after his orders to levy tariffs on three countries sparked a global scramble to safe-haven assets earlier in the day.
Trump said he has paused planned tariffs on Mexico for one month after the nation agreed to reinforce its northern border with 10,000 National Guard members to stem the flow of illegal drugs, particularly fentanyl.
Over the weekend, Trump had announced hefty new tariffs of 25% on imports from Mexico and Canada, and 10% on China – which he said may cause short-term pain for Americans.
According to preliminary data, the S&P 500 lost 45.45 points, or 0.75%, to end at 5,995.01 points, while the Nasdaq Composite lost 235.21 points, or 1.20%, to 19,392.23. The Dow Jones Industrial Average fell 124.47 points, or 0.27%, to 44,420.19.
