Stocks Climb Despite Tariff Worries
Wall Street hits new highs; oil prices decline
Global stock markets mostly saw gains Thursday, seemingly shrugging off concerns about potential tariff hikes threatened by **President Donald Trump**. U.S. indexes reached new peaks, while oil prices took a tumble.
U.S. Markets Reach Milestones
The S&P 500 and Nasdaq Composite both achieved record highs, with the Dow Jones Industrial Average also experiencing an upswing. Shares of airline companies like Delta, United, and American Airlines saw particularly strong gains.
According to a recent report, retail investors are showing increasing confidence in the stock market, with participation rates up 15% compared to last year (Investopedia 2024).
Analyst Perspective
It is quite clear that the market does not want to focus on tariff news until these tariffs have come into effect,
said **Steve Sosnik**, an analyst at Interactive Brokers.
Investors appear to be waiting to see if **Trump’s** tariff threats materialize before reacting significantly.
European Markets Mixed
The London Stock Exchange index surged by 1.2%, hitting a new record, boosted by rising mining stock values after **Trump** suggested a 50% tariff on copper imports starting August 1. The Paris Stock Exchange also saw gains after the rise in Asian stock exchanges. In contrast, the Frankfurt Stock Exchange index experienced a decline.
Oil Prices Fall
World oil prices decreased. WTI crude oil in New York e-trading fell by 2.7% to $66.57 a barrel. Brent crude oil on the London stock exchange fell 2.5% to $68.64 a barrel.
Index Performance
Here’s how key indexes closed Thursday:
- Dow Jones Industrial Average: Up 0.4% to 44,650.64 points.
- Standard & Poor’s 500: Up 0.3% to 6280.46 points.
- Nasdaq Composite: Up 0.1% to 20,630.66 points.
- London Stock Exchange FTSE 100: Up 1.2% to 8975.96 points.
- Paris Stock Exchange CAC 40: Up 0.3% to 7902.25 points.
- Frankfurt Stock Exchange DAX: Down 0.4% to 24,456.81 points.
Currency Exchange Rates
The euro weakened from $1.1720 to $1.1698. The British pound also fell from $1.3586 to $1.3576 per pound. The US dollar decreased from $146.33 to $146.19 per dollar. The euro’s value against the British pound declined from 86.27 to 86.16 pennies.
