Catenaa, Monday, April 07, 2025- Stocks reversed course in Wall Street on Monday after White House economic adviser Hassett President Trump is considering a 90-day tariff pause on all countries except China.
In an interview with Fox news, National Economic Council Director Kevin Hassett said that President Donald Trump was considering a 90-day tariff pause on all countries except China.
At 10:20 a.m. the Dow Jones Industrial Average rose 333 points, or 0.87%, to 38,614, the S&P 500 gained 80 points, or 1.69%, to 5,154 and the Nasdaq Composite gained 362 points, or 2.33%, to 15,950.
Over the weekend Trump signaled that he won’t change up his trade policy to relieve markets. Responding to a reporter’s question on Sunday, he said: “Sometimes you have to take medicine to fix something.”
But stocks are still set to extend a two-day sell-off of epic proportions. The Nasdaq Composite entered a bear market on Friday as Wall Street shed over $5 trillion in value to post its worst week since 2020.
Markets in Asia and Europe retreated sharply on Monday as investors became increasingly concerned that Trump might not negotiate on his sweeping tariff hikes, risking widespread economic slowdown.
Japan’s benchmark Nikkei 225 slid by 7.83% on Monday, as Hang Seng fell by 13.22% in Hong Kong.
