US close: Stocks higher following Trump's tariff announcement
By Iain Gilbert
Date: Tuesday 26 Nov 2024
(Sharecast News) - Wall Street stocks closed higher on Tuesday after president-elect Donald Trump vowed to slap fresh tariffs on America's biggest trading partners.
At the close, the Dow Jones Industrial Average was up 0.28% at 44,860.31, while the S&P 500 advanced 0.57% to 6,021.63 and the Nasdaq Composite saw out the session 0.63% firmer at 19,174.30.
The Dow closed 123.74 points higher on Tuesday, extending gains recorded in the previous session.
US president-elect Donald Trump has promised to institute new tariffs on China, Mexico and Canada from the first day of his presidency as part of an effort to stop illegal immigration and drug smuggling. Trump said he would sign an executive order that would slap all goods coming from Canada and Mexico with a 25% tariff, while China will be levied with an additional 10% tariff until Beijing cracks down on the illegal export of fentanyl to the US. Mexican President Claudia Sheinbaum Pardo indicated that any new tariffs on Mexico would be met with retaliatory tariffs on exports from the US
On the macro front, S&P Case-Shiller's 20-city housing price index increased 4.6% year-on-year in September, the smallest increase in the last twelve months, down from 5.2% in August and short of expectations for a reading of 4.8%.
Elsewhere, new home sales decreased to 610,000 units in the US during October, down from 738,000 in September, according to the Census Bureau.
Still on data, consumer confidence increased by 2.1 points in November to 111.7, according to the Conference Board, mainly driven by more positive consumer assessments of the present situation, particularly regarding the labour market.
On another note, the Richmond Federal Reserve's November manufacturing index remained unchanged at -14 in November.
Finally, minutes from the Federal Reserve's latest two-day policy meeting indicated that central bankers were confident that inflation was easing and the labour market remained strong, allowing it space to make further rate cuts.
In the corporate space, retailer Kohl's traded lower after cutting its sales guidance on the back of an uncertain holiday backdrop, while shares in biotech firm Amgen also headed south after it revealed an experimental weight loss drug had helped patients lose up to 20% of their weight after twelve months, which was at the low end of investor expectations.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Microsoft Corp. (MSFT) $427.99 2.20%
Walmart Inc. (WMT) $91.31 2.02%
3M Co. (MMM) $132.95 2.02%
Cisco Systems Inc. (CSCO) $59.59 1.45%
Chevron Corp. (CVX) $162.47 1.35%
Salesforce.Com Inc. (CRM) $343.21 1.20%
International Business Machines Corporation (CDI) (IBM) $228.83 1.19%
Procter & Gamble Co. (PG) $179.31 1.08%
Travelers Company Inc. (TRV) $263.77 0.98%
Apple Inc. (AAPL) $235.06 0.94%
Dow Jones - Fallers
Amgen Inc. (AMGN) $280.01 -4.76%
Walgreens Boots Alliance, Inc. (WBA) $8.73 -3.64%
Intel Corp. (INTC) $24.05 -3.30%
Dow Chemical Co. (DOW) $44.53 -2.90%
Nike Inc. (NKE) $77.61 -2.08%
Boeing Co. (BA) $150.75 -1.53%
Johnson & Johnson (JNJ) $154.52 -0.81%
Walt Disney Co. (DIS) $115.45 -0.47%
Visa Inc. (V) $311.82 -0.44%
JP Morgan Chase & Co. (JPM) $249.97 -0.13%
S&P 500 - Risers
NRG Energy Inc. (NRG) $101.21 10.11%
J. M. Smucker Co. (SJM) $120.09 5.69%
Western Digital Corp. (WDC) $73.02 5.18%
Hanesbrands Inc. (HBI) $8.84 4.62%
Eli Lilly and Company (LLY) $789.39 4.55%
Fortinet Inc. (FTNT) $96.44 3.57%
Universal Health Services Inc. (UHS) $206.09 3.45%
Amazon.Com Inc. (AMZN) $207.86 3.18%
Macerich Co (MAC) $20.93 3.00%
Allstate Corp (The) (ALL) $207.53 2.89%
S&P 500 - Fallers
Kohls Corp. (KSS) $15.22 -17.01%
Align Technology Inc. (ALGN) $227.93 -5.23%
Best Buy Co. Inc. (BBY) $88.48 -4.89%
Celanese Corp. (CE) $72.85 -4.77%
Amgen Inc. (AMGN) $280.01 -4.76%
Whirlpool Corp. (WHR) $112.46 -4.69%
AES Corp. (AES) $12.57 -4.41%
Leggett & Platt Inc. (LEG) $12.51 -4.36%
Walgreens Boots Alliance, Inc. (WBA) $8.73 -3.64%
Mohawk Inds Inc. (MHK) $139.92 -3.52%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $73.02 5.18%
Amazon.Com Inc. (AMZN) $207.86 3.18%
JD.com, Inc. (JD) $35.33 2.38%
Microsoft Corp. (MSFT) $427.99 2.20%
T-Mobile Us, Inc. (TMUS) $244.92 2.08%
Booking Holdings Inc. (BKNG) $5,214.72 2.07%
Incyte Corp. (INCY) $74.82 1.77%
Liberty Global plc Series A (LBTYA) $13.76 1.62%
Charter Communications Inc. (CHTR) $390.29 1.51%
Meta Platforms Inc. (META) $573.54 1.49%
Nasdaq 100 - Fallers
Align Technology Inc. (ALGN) $227.93 -5.23%
Amgen Inc. (AMGN) $280.01 -4.76%
Walgreens Boots Alliance, Inc. (WBA) $8.73 -3.64%
Intel Corp. (INTC) $24.05 -3.30%
Qurate Retail Inc. (QRTEA) $0.42 -2.76%
Idexx Laboratories Inc. (IDXX) $417.32 -2.63%
Micron Technology Inc. (MU) $101.80 -2.57%
Trip.com Group Limited (TCOM) $62.90 -2.53%
Microchip Technology Inc. (MCHP) $68.41 -2.06%
KLA-Tencor Corp. (KLAC) $631.47 -2.05%
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