Wall Street slips due to industrials lag
New York (Reuters): Wall Street’s main indexes gave up opening gains as industrial companies continued to suffer from concerns over the impact of new tariffs on trade on Wednesday
Major U.S. makers have been the heaviest hit from the time when Trump trailered and then announced tariffs on steel and aluminum imports earlier this month.
Boeing (BA.N) chop down nearly 2 percent, turning the Dow Jones Industrial Average negative, with traders citing enduring fallout as of reports on Tuesday that U.S. President Donald Trump is looking forward to impose tariffs on up to $60 billion of Chinese imports.
“The market is still trying to weigh concerns about tariffs on one hand and understanding how the President acts and how he speaks openly and comes up with a different policy in the end,” said Robert Pavlik, chief investment strategist at SlateStone Wealth.
The issue overshadowed China’s report that its factory output grew much quicker than expected at the start of the year, suggesting the world’s second largest economy may be picking up pace.
The third straight monthly fall in retail sales did not speak well of U.S. growth but it cooled any nerves that the Federal Reserve could raise interest rates more than the three times in 2018.