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Overnight Markets: US stocks rise as Trump softens tariff stance

Express Scripts jumped 8.6% after health insurer Cigna said it plans to buy the pharmacy-benefits manager in a $67 billion deal.

 
Overnight Markets: US stocks rise as Trump softens tariff stance

US stocks gained on Thursday after President Donald Trump appeared to soften his stance on trade tariffs, exempting Canada and Mexico while allowing other countries to negotiate exclusions.

The Dow Jones Industrial Average rose 94 points, or 0.38%, to 24,895, the S&P 500 gained 12 points, or 0.45%, to 2,739 and the Nasdaq Composite added 31 points, or 0.42%, to 7,428.

Trump announced import tariffs on steel and aluminum but said Canada and Mexico would be exempt and that other countries could apply for exemptions. He also decreed that tariffs can be modified for certain countries such as Australia, which Trump referred to as a “long-term partner.”

However, shares across the metals and mining sector fell. Century Aluminum shares declined 7.5% after the news as it had been seen benefiting from higher prices if the tariffs were put in place. Shares in U.S. Steel Corp fell 2.9% while AK Steel closed down 4%.

Express Scripts Holding Co. jumped 8.6% after health insurer Cigna Corp. said it plans to buy the pharmacy-benefits manager in a $67 billion deal. Cigna’s stock fell 12%.

Supermarket operator Kroger Co. sank 13% after it reported its fourth-quarter results.

Rent-A-Center Inc. rose 10% a day after it announced layoffs and said it was reviewing “strategic and financial alternatives” to maximize stockholder value, including evaluating the sale of the company.

American Eagle Outfitters Inc. tumbled 9.4% despite reporting strong-than-expected revenue and raised its dividend.

Shares in Costco Wholesale Corp. fell 0.9% a day after it posted better-than-expected revenue along with earnings that were boosted by the US tax overhaul

Newspaper publisher Tronc Inc. reported earnings that missed forecasts, sending shares tumbling 24%.

The energy index was the only one of the S&P’s 11 sectors to end the day lower, with a 0.1% drop as oil prices declined.

In Asia, stocks advanced on Friday in morning session as markets cheered news that Trump had agreed to meet North Korean leader Kim Jong Un.

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1 comment so far. Why not have your say?

SDRL

Mar 09, 2018 at 16:09

Well done President Trump! and Kudos on his North Korea and foreign policy initiatives. President Trump will have fair policies for the UK because his mother was from Scotland.

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