Major indices end near session lows. Give up big gains in the process
Pres. Trump surprised the stock market by announcing 10% tariffs on $300B of China good effective September 1. He is on the wires saying that the tariffs can be raised beyond 25%, and said that the 10% is for a short term period. I guess the combination means, the 10% will go to 25% if there is no progress, not the other way around (that is how I read the it).
The news reversed strong gains.
At the highs, the:
- Dow was up 1.16% or 311.32 points
- S&P was up 1.11% or 33.21 points
- Nasdaq was up 1.66% or 135.61 points
At the close the final numbers are showing:
- Dow, down -1.05% or -280.85 points at 26583.42
- S&P down -0.90% or -26.82 points at 2953.56
- Nasdaq down -0.79% or -64.298 points at 8111.12
European shares closes mostly higher but that was before the tariff news.