Stock Market Today: Stock end higher as Trump delays tariffs
The Dow surges as the president announces reciprocal tariffs, but holds off on implementing them.
Updated at 5:35 PM EST by Rob Lenihan
Stocks ended higher Thursday as President Donald Trump said he plans to introduce reciprocal tariffs but delayed their implementation until April.
The Dow Jones Industrial Average surged 342.87 points, or 0.77%, to end the session at 44,711.43, while the S&P 500 gained 1.04% to 6,115.07, and the tech-heavy Nasdaq rose 1.50% to 19,945.64.
Trump rolled out his plan to increase U.S. tariffs to match the tax rates that other countries charge on imports, the Associated Press reported, possibly triggering a broader economic confrontation with allies and rivals alike as he hopes to eliminate any trade imbalances.
“I’ve decided for purposes of fairness that I will charge a reciprocal tariff,” Trump said in the Oval Office at the proclamation signing. “It’s fair to all. No other country can complain.”
Adam Turnquist, chief technical strategist for LPL Financial, said that equity markets are off to a solid start in 2025.
“Despite an array of headline risks, the S&P 500 has climbed over 3% on the year and even notched a record high last month,” he said.
Turnquist noted that the inflation battle is not over, adding that stocks are pricing in a lot of good news, and the policy landscape is tenuous.
"With more tariffs and retaliation likely, alongside government spending constraints that may make it difficult to extend the Trump tax cuts from 2017, we expect modest gains in stocks over the balance of the year with more ups and downs compared to 2024," he said.
Updated at 12:26 PM EST
Meta's mega run
Meta Platforms (META) shares are on pace to snap an 18 day winning streak, one of the longest on record for a megacap tech stock, with shares edging 0.6% lower in early afternoon trading.
The Facebook and Instagram parent is sill up more than 20% for the year, and 36.4% over the past six months, well outpacing any advance for its Magnificent 7 peers. The group has added nearly $260 billion in value since its winning streak began on January 16.
meta declined to provide a full-year revenue forecast following its stronger-than-expected fourth quarter earnings on January 29, but pegged first quarter sales just below Wall Street estimates.
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