Wall Street Rises as Market Weighs Trump Threats and Fed Minutes
Investors were analyzing tariff threats from Donald Trump against the United States’ major trading partners and the minutes from the Federal Reserve’s latest meeting.
All three major Wall Street indices closed higher on Tuesday. The Dow Jones Industrial Average, which tracks 30 blue-chip stocks, gained 0.38% to 44,860.31 points. Meanwhile, the S&P 500, encompassing 500 companies, rose 0.57% to 6,021.63 points, and the tech-heavy Nasdaq Composite climbed 0.63% to 19,174.30 points.
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Trump announced plans to impose a 10% tariff on Chinese imports and a 25% tariff on goods from Mexico and Canada. The move is intended to pressure Mexico and Canada to take stronger action against illegal migration and drug trafficking. Simultaneously, investors examined the Federal Reserve’s monetary policy meeting minutes.
Large-cap technology stocks drove the indices into positive territory with moderate gains. However, automaker stocks tumbled amid concerns over potential tariffs, with General Motors down 8.75%, Stellantis falling 5.68%, and Ford dropping 2.63%.
Federal Reserve Meeting Highlights
The minutes from the Fed’s November 6-7 meeting revealed that officials agreed it was prudent to avoid providing clear guidance on the future direction of U.S. monetary policy for the coming weeks.
Within the Dow Jones, Amgen faced significant losses, plunging 4.76% after its experimental obesity drug failed to meet expectations in a trial. On the other hand, Microsoft rose 2.20%, helping offset market pressure, as it rebounded following weeks of underperformance.
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