Wall Street is Down Again After a Historic Relief Rally

The stock exchanges in New York went down again on Thursday after the historic relief rally the day before.

This was caused by the surprising decision of the American president, Donald Trump, to postpone the introduction of many import duties by ninety days. China, however, is not getting a postponement.

The tariff for that country was even increased to 125 percent. The trade war between the two largest economies in the world continues unabated. Trump does think that he can eventually reach a deal with China.

The Dow Jones index was 1.7 percent lower at 39,919 points shortly after the market opened. The index rose nearly 8 percent on Wednesday, posting its biggest daily gain since March 2020.

The broad S&P 500 index lost 2 percent to 5,338 points, while tech benchmark Nasdaq fell 2.6 percent to 16,660 points. The S&P 500 had its best trading day since 2008 on Wednesday, with a 9.5 percent jump.

The Nasdaq closed 12.2 percent higher, posting its biggest daily gain since the peak of the dot-com bubble in January 2001.