US stocks close higher on Trump's tariff remarks on steel, aluminum
Nasdaq up 0.98%, Dow climbs 0.38% and S&P inches up 0.67%
The New York Stock Exchange building
ISTANBUL
US stock markets closed with gains Monday.
President Donald Trump said Sunday that he would announce tariffs on all steel and aluminum imports.
Following Trump's statements, steel and aluminum manufacturers' stocks rose, with steel manufacturers US Steel up 4.8% and Cleveland-Cliffs up 17.9% while aluminum manufacturers Alcoa climbed 2.2% and Century Aluminum 10.2%.
On the macroeconomic data side, the US economy grew by 2.3% in the fourth quarter of 2024, below expectations.
The US economy added 143,000 jobs in January, much less than market estimates of 169,000, while the unemployment rate ticked down to 4% in January.
The number of people in the country applying for unemployment benefits for the first time rose by 11,000 to 219,000 last week.
The Dow Jones Industrial Average rose 0.38%, or 167.01 points, to end the day at 44,470.41.
The S&P 500 inched up 0.67%, or 40.45 points, to 6,066.44, while the Nasdaq Composite climbed 0.98%, or 190.87 points, to 19,714.27.
