Stocks waver on information Trump might declare an ‘economic emergency’
Daniel de Visé
Stocks wavered Wednesday, on the heels of uninspiring economic reports and some ominous words from the president-elect.
The S&P 500 was down about 0.2% shortly after the opening bell. The Dow Jones Industrial Average was down 0.4%. The tech-heavy Nasdaq was down 0.1%. The worth of bitcoin was down about 2% and hovered below $100,000.
A private-sector jobs update from ADP, the remittance processing firm, showed a slower pace of job creation in December, and slower wage growth.
And then there was the CNN update that President-elect Donald Trump might declare a “national economic emergency” to allow for import tariffs. An emergency declaration would allow him to responsibility imports with a relatively free hand.
That information spooked investors, who were already on the lookout for unexpected economic turns as Inauguration Day approaches.
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Tariffs could raise prices for American consumers, triggering renewed worth rise. And investors are losing confidence that the Federal safety net will cut gain rates at their January conference. Higher gain rates and worth rise, together, could spell trouble for the economy.
