S&P 500 Rises 1% as Dollar Falls on Tariff Delay
Stocks came within a striking distance of their all-time highs while the dollar got hit as President Donald Trump moved to impose reciprocal tariffs — but not right away.
All major groups in the S&P 500 rose, with the gauge up 1%. The greenback dropped against all of its developed-market counterparts. Treasuries rebounded from their worst slide since December. Big tech outperformed as Tesla Inc. and Nvidia Corp. each rallied over 3%. Apple Inc. gained 2% as chief Tim Cook said the “newest member of the family” is coming on Feb. 19. Meta Platforms Inc. advanced for a 19th straight day.
While Trump signed a measure directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis, the process could a while to complete. Howard Lutnick, his nominee to lead the Commerce Department, said all studies should be complete by April 1 and that Trump could act immediately afterward.
The decision not to implement tariffs right away could be seen as an opening bid for negotiation — following the same strategy Trump already used to extract concessions from Mexico and Canada — rather than a sign he’s committed to following through.
The S&P 500 topped 6,100. The Nasdaq 100 added 1.4%. The Dow Jones Industrial Average gained 0.8%. The Bloomberg Magnificent Seven Total Return Index climbed 1.8%. The Russell 2000 gained 1.2%.
The yield on 10-year Treasuries fell nine basis points to 4.53%. The Bloomberg Dollar Spot Index lost 0.7%. The yen gained 1.1% on safe-have appeal, while the Canadian dollar touched a new high for the year.
Source : Bloomberg
