Wall Street closes down, pares losses after Trump delays Mexico tariffs
By Abigail Summerville and Shashwat Chauhan
Mon February 3, 2025 5:34 PM
With the dreaded tariffs due to hit at midnight tonight, the markets plummeted big time, the Dow down over 700 points by 10:30, the Nasdaq an equally disastrous 500 points. It must have been right at 10:30 that Trump made the announcement that the tariffs on Canada and Mexico anyway would be paused for a month as our two neighbors agreed to beef up border enforcement. Almost immediately, there was a huge buy back of all the equities that had been sold earlier as investors had made a mad rush into safe haven assets.
By close the Dow and S&P had recovered most of the day’s losses, the Nasdaq about half. Tomorrow will likely be an even better day as the markets take the night to digest this change and get more confidence back, reflected in today’s VIX. Today’s good news included two major companies turning in good Q4 and the ISM registering its first gains in more than two years. Per the CBOE, volume came in at 16.7 billion, above the 15.5 billion average.
DJ: 44,544.66 -337.47 NAS: 19,627.44
-54.31 S&P: 6,040.53
-30.64 1/31
DJ: 44,421.91 -122.75 NAS: 19,391.96
-235.49 S&P: 5,994.57
-45.96 2/3
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