After massive surge on Wednesday, stock markets fall as trade war continues
U.S. stocks were diving on Thursday, surrendering much of their historic gains from the day before, as President Donald Trump’s trade war continues to confuse and threaten the economy — even if its temperature has cooled a bit.
The S&P 500 was down 3.5 per cent at close, slicing into Wednesday’s surge of 9.5 per cent following Trump’s decision to pause many of his tariffs worldwide. The Dow Jones Industrial Average dropped 2.5 per cent, and the Nasdaq composite sank 4.3 per cent.
On the Canadian market, the S&P/TSX composite index was down more than three per cent as markets closed.
“Trump blinks,” UBS Investment Bank chief strategist Bhanu Baweja wrote in a report about the president’s decision on tariffs, “but the damage isn’t…
