Stock market today: Wall Street rises to records despite tariff talk

NEW YORK — U.S. stocks closed at more records after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street. The S&P 500 rose 0.6% to reach another all-time high. The Dow Jones Industrial Average added 0.3% to its own record set the day before, while the Nasdaq composite rose 0.6% as Big Tech stocks helped lead the way.

Trump has often praised the use of tariffs, but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support to the job market. While lower interest rates can boost the overall economy and prices for investments, they can also offer more fuel for inflation.

Trump’s tariff talk came almost immediately after U.S. stocks rose Monday amid excitement about his pick for Treasury secretary, Scott Bessent. The hope was the hedge-fund manager could steer Trump away from policies that balloon the U.S. government deficit, which is how much more it spends than it takes in through taxes and other revenue.

Best Buy fell 4.7% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Big Tech stocks also helped prop up U.S. indexes. Gains of 2.8% for Amazon and 2% for Microsoft were the two strongest forces lifting the S&P 500.

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