Market Roundup: Impressive Weekly Gains Following Tariff Details

Money Talks Radio Show - Atlanta, GA

Indices kicked off the first full week of March closing in the green zone on Monday, amid a variety of economic news. The ISM non-manufacturing index fell to 59.5 from 59.9 in January, indicating service activity decreased slightly. The upward momentum continued Tuesday as investors saw signs of disapproval to the potential tariffs on imported aluminum and steel. Mixed moves were on deck Wednesday. The tech-heavy NASDAQ composite added points, but both the Dow Jones Industrial Average and the S+P 500 Index closed in the red on trade war concerns following news of National Economic Council leader, Gary Cohn's resignation. In other news, the Federal Reserve’s Beige Book report, which covered activity from January to mid-February, showed a modest-to-moderate pace of economic expansion in all 12 districts. The market recovered Thursday following the release of tariff details. President Trump announced a 25% tariff on imported steel and a 10% levy on non-American aluminum. On another note, Department of Labor data showed initial jobless claims rose by 21,000 to 231,000 last week. The three major Indices closed trading with gains on Friday, but it was the NASDAQ composite that closed at a new record level. Stocks climbed on favorable jobs data for February. The U.S. economy added 310,000 jobs last month, well beyond expectations of 200,000 payroll additions.