NEW YORK — U.S. stocks drifted to a mixed finish on Thursday as President Trump’s tariffs taking effect on dozens of countries had only a muted effect on markets worldwide.

The Standard & Poor’s 500 index slipped 0.1% after briefly climbing to the cusp of its all-time high during the morning. The Dow Jones industrial average dropped 224 points, or 0.5%, and the Nasdaq composite rose 0.3% to a record.

Worries are high that Trump’s tariffs are damaging the economy, particularly after last week’s worse-than-expected report on the job market. But hopes for coming cuts to interest rates by the Federal Reserve and a torrent of stronger-than-expected profit reports from big U.S. companies are helping to offset the concerns, at…