US stocks, dollar drop on lingering tariff worries, a day after relief rally
Thu April 10, 2025 5:41 PM
The Great Elation lasted but all of one day, despite the fact that there was a sudden upturn in the market ten minutes before close yesterday which should have meant a continued rally today. But the overnight brought more level heads into the reality that there is still a major trade war going with China and Trump once again intensified that reality by raising the tariff on China from 104% earlier this week to 125% yesterday to 145% today. Even without the increase, the reality check would have brought the markets down but the double reality check brought it way down, though thankfully the indexes only lost about 1/3 of the gains made yesterday.
Friday begins Q1 reporting with the big banks in line first which will be watched very closely. But let there be no doubt, “we still have to live in a world where there’s new uncertainty.” And after the very sharp sell off in bonds earlier this week, the U.S. Treasury saw good demand today for the 30-year bonds easing concerns that buyers would shut the debt. Gold hit another record high earlier in the session. Volume, per the CBOE, was 24.1 billion, down somewhat from yesterday’s record breaking 30.9 billion which itself was the 2nd all-time record this week.
DJ: 40,608.45 +2,962.86 NAS: 17,124.97
+1,857.06 S&P: 5,456.90
+474.13 4/9
DJ: 39,593.66 -1,014.79 NAS: 16,387.31
-737.66 S&P: 5,268.05
-188.85 4/10
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