FX.co ★ Wall Street Closes Higher Ahead of Tariff Announcement

On Wednesday, U.S. stock markets experienced gains as investors keenly anticipated President Donald Trump's decision regarding tariffs. The S&P 500 increased by 0.7%, while the Nasdaq 100 rose by 0.8%, and the Dow Jones industrial average added 235 points. Tesla's stock saw a significant 5.3% jump, recovering from previous declines attributed to disappointing quarterly delivery numbers, after reports surfaced indicating Elon Musk might resign from his advisory position in the government. The ambiguity surrounding the tariff announcement created tension among investors amid rumors that Trump might impose extensive 20% tariffs on imports, fueling concerns about a potential trade conflict. The White House confirmed that the tariffs would take effect immediately after Trump's announcement at 4 p.m. ET. Concurrently, the yield on the 10-year Treasury note edged up to 4.16% as markets assessed the economic repercussions. With ongoing volatility, market participants are now focusing on the impending March jobs report for additional insights into the state of the U.S. economy.