U.S. stocks ease off session highs amid Trump’s emergency declaration
The major U.S. stock averages ease off of session highs as President Trump declares a national emergency to get the additional funding he wants for a border barrier while Democrats threaten to legislation to block the move.
The Nasdaq, up +0.3%, had been up as much as 0.7% earlier.
The S&P 500’s increase of 0.8% pares back from 1.0% earlier.
The Dow, +1.3%, eases off from +1.4% earlier.
Markets hold onto decisive gains at the open over news that the U.S. and China will continue trade talks next week in Washington and expect to reach an MOU that could form a foundation for an actual agreement.
Regarding today’s economic data points, February consumer sentiment comes in stronger than expected, while manufacturing drags down industrial production.
By sector, financials (+1.7%) and industrials (+0.9%) perform the strongest, while communications services (-0.04%) and utilities (+0.2%) are the weakest.
Oil is up 1.9% to $55.42 per barrel.
10-year Treasury yield slips 1 basis point to 2.67%.
The Dollar Index rises less than 0.1% to 97.09.
Previously: Stocks start higher in broad-based advance (Feb. 15)