Dow erases 204-point drop on strong consumer sentiment, US lifting steel tariffs

Traders work on the floor of the New York Stock Exchange. Brendan McDermid | Reuters

Stocks recovered from early losses on Friday as stronger sentiment data and the removal of some tariffs offset broader U.S.-China trade worries.

The Dow Jones Industrial Average traded 24 points higher, erasing a 204-point drop, while the S&P 500 was down just 0.1%. The Nasdaq Composite traded 0.4% lower.

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The University of Michigan’s Surveys of Consumers showed consumer sentiment surged to its highest level in 15 years to start off the month. Richard Curtin, chief economist at the Surveys of Consumers, said consumers view the economy “much more favorably.” However, most of the data was collected before the recent spike in U.S.-China trade tensions.

Stocks also got a boost after CNBC reported the U.S. is poised to lift tariffs on steel and aluminum imports. CNBC learned about the move through two sources familiar with the matter. Bloomberg News had reported on it earlier. The indexes also recovered after the Trump administration announced it would delay slapping tariffs on foreign-made cars by six months.

Equities started off the session with a sharp drop as China and the U.S. continue their tussle on the trade front.

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