Here Are 3 Hot Things to Know About Stocks Right Now
- For the week the S&P lost 2.04%, the Dow tanked 3.05% and the Nasdaq declined 1.08%.
- At one point during Friday's session, the Dow was down 391 points.
- The Dow remains 2,078 points below its all-time high on Jan. 26.
Wall Street Overview
Stocks turned mixed on Friday, March 2, as investors reacted to President Donald Trump's plans to impose strict import tariffs on steel and aluminum.
The Dow Jones Industrial Average finished down 70 points, or 0.29%. At its session low, the Dow was down 391 points. The S&P 500 was up 0.51% and the Nasdaq gained 1.08% as healthcare stocks rose.
For the week the S&P 500 declined 2.04%. The Dow lost 3.05% and the Nasdaq gave up 1.08%.
The stocks leading the Dow lower were McDonald's Corp. (MCD - Get Report) and Caterpillar Inc. (CAT - Get Report) . Analysts at RBC cut their price target on McDonald's to $170 from $190 after saying that the fast-food chain's $1 $2 $3 menu was off to a slow start.
The Dow finished down 420 points, or 1.68%, on Thursday after Trump said the U.S. would impose tariffs next week on steel and aluminum imports.
Trump's aim to curb foreign imports and protect U.S. jobs has investors around the world deeply concerned about a global trade war, with officials in Canada, Germany and China vowing to respond in kind if Trump follows through with a formal announcement next week.
On Friday, Trump tweeted: "When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big. It's easy!"
Beer makers, car manufacturers and mining companies expressed concern and some outrage Thursday after Donald Trump announced his intention to impose a 25% tariff on steel imports and a 10% tariff on aluminum imports.
Shares of Microsemi rose 4.6% on Friday; Microchip gained 2.5%.