It’s a lively day in US equity markets as strong buyers waded in early. It looked like the market would cruise to a record high close until Trump tweeted that he was ending trade talks with Canada. That led to a wave of tariff worries that erased more than 40 points in the S&P 500 and put it into negative territory.
But the dip buyers didn’t wait long to buy on the TACO trade and stocks finished with solid gains.
Closing changes:
SPX +0.5%Nasdaq +0.5%Russell 2000 0.0%DJIA +1.0%Toronto TSX Comp -0.5%
One of the memes worth noting is Palantir, which fell 9.4% after a late-day swoon.
On the week:
SPX +3.4%Nasdaq +4.2%Russell 2000 +2.9%Toronto TSX Comp +0.6%
These are record weekly closes for the S&P 500 and Nasdaq.
This article was written by Adam Button at www.forexlive.com.