The Dow clawed higher on Thursday, but Beijing unleashed a sharp warning to Trump: Abandon those September tariffs – or else. | Source: AP Photo / Patrick Semansky
By CCN Markets: The Dow continued to grind higher on Thursday ahead of the Federal Reserve’s highly-anticipated Jackson Hole Summit. However, another barrage of trade war attacks threatens to bleed the optimism out of this latest stock market recovery.
Dow Completes Recovery from Last Week’s 800-Point Plunge
All of Wall Street’s major indices secured modest gains during the morning session. The Dow Jones Industrial Average rose 109.15 points or 0.42%, raising the index to 26,311.88.
The Dow climbed close to 100 points following the opening bell. | Source: Yahoo Finance
The S&P 500 advanced 0.34% to 2,934.29. Every primary sector except utilities recorded gains.
The Nasdaq inched 0.21% higher, settling at 8,036.88.
China Threatens Retaliation for Impending Trump Tariffs
The US stock market extended its recovery on Thursday, placing the Dow in position to erase the final portion of its losses from last week’s brutal 800 point plunge. The DJIA just needs to close above 26,279.91 to complete that comeback.
The Dow has a chance to complete the long climb back from last week’s 800 point plunge. | Source: Yahoo Finance
Unfortunately, the rally’s most fearsome nemesis – the trade war – continues to rear its ugly head.
Earlier today, a Chinese official unleashed a sharp warning to the Trump administration, alleging that if the United States imposes any new tariffs on China, Beijing will be “forced” to retaliate.
New tariffs are scheduled to take effect less than two weeks from now, on September 1. Responding to Wall Street panic, the Trump administration ultimately decided to delay imposing duties on big-ticket consumer items like laptops until