U.S. stocks rallied on Tuesday, boosted by temporary reprieves from tariffs on Canada and Mexico. Gold prices, however, reached record highs as uncertainties surrounding global trade wars persist. The narrative is one of cautious optimism in the markets, with investors seeking stability amidst economic headwinds and geopolitical risks.
U.S. stocks climbed on Tuesday, fueled by last-minute trade negotiations that temporarily averted tariffs on goods from Canada and Mexico. Meanwhile, gold prices surged to new highs as global trade tensions persisted. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all registered gains, with investors reacting positively to the reprieve from the tariffs.
However, concerns over the 10% tariffs imposed on Chinese goods, prompting retaliatory measures from Beijing, continued to support safe-haven assets like gold. The U.S. Federal Reserve may soon curtail its rate-cutting measures, as data showed a decrease in job openings and factory orders in December, indicating some economic slowdown. European equities also saw modest gains, shifting focus to quarterly earnings reports.Emerging markets and Asia-Pacific shares also performed well, while U.S. Treasury yields fluctuated. The dollar weakened against major currencies, with the Canadian dollar strengthening. Crude oil prices, initially affected by geopolitical events related to Iran, ultimately pared their losses. Gold, considered a safe haven asset in times of uncertainty, reached new highs.
STOCK MARKET TARIFFS GOLD TRADE WAR ECONOMY FED EMERGING MARKETS
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