Dow Rockets as Investors Shake off Trade Developments

The Dow Jones Industrial Average rose on Thursday as traders shook off the tariff tumult.

The 30-stock index popped 205.58 points to break for lunch Thursday at 44,663.88.

The S&P 500 edged higher 14.59 points to 6,277.85.

The NASDAQ Composite dipped 3.05 points to 20,608.29.

Shares of Estée Lauder were trading 6% higher on Thursday, after Bank of America reinstated coverage of the stock at a buy rating.

The moves came after President Donald Trump said late Wednesday that a 50% U.S. tariff on imported copper will take effect Aug. 1.

Trump also announced a 50% tariff on Brazil partly in retaliation for the current trial against former Brazilian President Jair Bolsonaro for his role in an alleged attempt to overturn the country’s 2022 election results.

The move was also due to the “very unfair trade relationship” with Brazil, Trump added, saying it has been “far from Reciprocal.”

Brazilian President Luiz Inacio Lula da Silva later said that the country would respond to the 50% levy in accordance with its economic reciprocity law.

Prior to the president’s announcement of levies on Brazil, he sent letters that dictated new U.S. rates on the imports of at least seven additional countries. He had also sent letters laying out new rates earlier this week to the leaders of 14 other countries, such as Japan and South Korea. The duties are set to take effect Aug. 1.

Prices for the 10-year treasury fell, raising yields to 4.37% from Wednesday’s 4.34%. Treasury prices and yields move in opposite directions.

Oil prices slid $1.52 to $66.86 U.S. a barrel.

Gold prices gained $7.70 at $3,328.70 U.S. an ounce.