Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a1098747

Overnight Markets: US stocks gain even as trade-war jitters linger

Materials and consumer discretionary sectors led the market, while utilities and health care lagged.

 
Overnight Markets: US stocks gain even as trade-war jitters linger

US stocks closed moderately higher on Tuesday as investors worried about the prospects of a trade war in the wake of President Donald Trump announcing a pair of tariffs.

The Dow Jones Industrial Average added nine points, or 0.04%, to close at 24,884, the S&P 500 gained seven points, or 0.26%, to 2,728 and the Nasdaq Composite added 41 points, or 0.56%, to 7,372.

Trump reiterated his plan to slap hefty import tariffs on steel and aluminum saying "trade wars aren't so bad" even as lawmakers such as Senate Majority Leader Mitch McConnell stepped up calls to scrap the proposal.

Earlier in the day investors were betting Trump would not follow through on the proposal, which they saw as a negotiating tactic in trade talks. But gains were limited by the uncertainty throughout the day.

Investors were also eyeing news that North Korea was open to the possibility of talks with the US on denuclearisation.

Materials and consumer discretionary sectors led the market, while utilities and health care lagged.

Among the bigger movers of the day, Target fell 4.5% after the big-box retailer reported lower-than-expected profit for the holiday quarter.

Qualcomm dropped 2.9% after a US government national security panel said it identified potential risks that warrant a full investigation of Broadcom Ltd's $117-billion bid for the chipmaker.

United Parcel Service Inc. rose 3.8% after Stifel Nicolaus upgraded the stock, citing its valuation and dividend yield.

Marinus Pharmaceuticals Inc. slumped 14% after it reported a 2017 loss that was wider than expected.

CommerceHub Inc. agreed to be bought by private-equity firm Sycamore Partners in a cash deal valued at $1.1 billion. The stock spiked 23%.

International Paper Co. shares dropped 2.1% after the company indicated that it will continue to pursue a potential buyout of Smurfit Kappa Group PLC even after the Irish packaging company rejected its initial overture.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet