U.S. markets mixed on Wednesday following the resignation of President Trump’s top economic adviser, Gary Cohn, but showed strength in the final hour of trading. The departure of Cohn elevated Wall Street’s concerns over the planned tariffs on aluminum and steel imports that could get signed as early as this week. Near-term support levels held while volatility eased following the morning and midday nervousness.
The Russell 2000 rose 0.8% after trading to a peak of 1,576 into the closing bell and holding the 1,550 level on the opening weakness. The Nasdaq was up 0.3% after pushing a high of 7,403 while clearing 7,400 for the first time since late January. Although this level failed to hold, it was another bullish signal for the market.
The S&P 500 slipped 0.1% after trading to a low of 2,701 while holding 2,700 for a third-straight session. The Dow was down 0.3%, after tumbling to a low of 24,535 and briefly falling into negative territory for the year. The close above 24,800 keeps resistance at the 25,000 level in play.
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