Tarriff announcements send stocks lower

Closing Indexes Summary Feb 28

Closing Indexes Summary Feb 28

This also lifted the yield for U.S. 10 year government bonds, a global benchmark for commercial lending, past a four-year high of 2.92 per cent.

"It's reasonable for markets to start repricing a possibility of higher inflation and higher interest rates", Sturkenboom said. The Nasdaq composite was up 10 points, or 0.1 percent, to 7,283.

"It's helping about a dozen stocks in those industries but has raised the specter of trade wars, and trade wars don't help the stock market".

Big U.S. companies are heavily reliant on global trade, and companies in the S&P 500 got 43 percent of their sales from outside the United States in 2016, according to S&P Dow Jones Indices.

Investors are particularly interested in hearing where he sees interest rates this year.

The Dow Jones Industrial Average declined 381 points, or 1.5%, to 25,029, the S&P 500 lost 30 points, or 1.11%, to 2,714 and the Nasdaq Composite dropped 57 points, or 0.78%, to 7,273.

Since the stock market's correction earlier this month, the Dow and S&P 500 have clawed back more than half of their losses.

An afternoon recap of the day's most important business news, delivered weekdays.

Suspect in CMU shooting in hospital for hyopthermia
In the surrounding community, students and staff in the Mount Pleasant school district were told not to leave nine buildings. Rick Snyder said he has been in contact with local police to "determine what has occurred at Central Michigan University ".

Earlier in the week, Powell's testimony helped send Treasury yields jumping and stocks tumbling when he said that he's feeling more optimistic about the economy.

Bond prices rose as demand jumped for safer investments, which pushed yields lower.

"We have seen some data that in my case will add some confidence to my view that inflation is moving up to target", Powell said.

Dental supplies maker Patterson Companies plunged 22 percent after reporting weak earnings for the latest quarter. In Asia, Japan's Nikkei 225 plunged 2.5 per cent, the Hang Seng in Hong Kong fell 1.5 per cent and South Korea's Kospi dropped 1 per cent. Over the final seven trading days of the month, the Dow did not move fewer than 164 points in either direction.

Energy (-2.3%) was the weakest of the S&P 11 industry groups, moving lower alongside the price of crude oil after the weekly US crude oil inventory report showed inventories rising by 3M barrels last week; April WTI futures dropped 2.2% to $61.64/bbl. The FTSE 100 in London dropped 0.8 percent.

Crude oil was down 2.5% at $61.46.

Gold dropped $12.70 to $1,305.20 an ounce, silver lost 13 cents to $16.28 per ounce and copper lost 1 cent to $3.12 per pound.

Shares in L Brands Inc.(LB) tumbled 10% after the Victoria's Secret parent late Wednesday gave a quarterly outlook that appeared to disappoint Wall Street (http://www.marketwatch.com/story/victoria-secrets-l-brands-stock-tanks-on-expectations-of-lower-q1-profit-2018-02-28).

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