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The S&P 500 gyrated on Wednesday, struggling to stage a recovery rally amid ongoing uncertainties tied to President Donald Trump’s controversial tariffs and conflicting economic data.
The Dow Jones Industrials picked up 130.62 points to start Wednesday at 42,651.61
The much-broader index gained 6.92 points to 5,785.07.
The NASDAQ Composite advanced $36.04 points to 18,321.20.
Commerce Secretary Howard Lutnick said late Tuesday that he expected an announcement on an agreement with Canada and Mexico. Lutnick added on Wednesday morning that Trump was considering which sectors of the economy to give relief to on the taxes.
Those updates boosted stocks like automakers that were hard hit due to concerns about rising costs for materials. General Motors grabbed 4% and Ford advanced more than 3%. Elsewhere, luxury clothing maker Canada Goose jumped close to 2%.
A reading on the health of the service sector released Wednesday morning came in slightly better than economists expected. But the ADP private payroll report released earlier in the day showed less job growth than anticipated, adding yet another data point to the growing body of evidence indicating the economy was cooling.
Prices for the 10-year Treasury edged lower, lifting yields to 4.25% from Tuesday’s 4.20%. Treasury prices and yields move in opposite directions.
Oil prices dropped $2.17 to $66.09 U.S. a barrel.
Prices for gold strengthened $11.50 an ounce to $2,932.10 U.S.
