Major US indices spent the entire day in the red, disappointing traders who had been hoping to extend Wednesday's rally following Trump's pivot on tariffs
Image: Spencer Platt/Getty Images/AFP Image: Spencer Platt/Getty Images/AFP " title="Wall Street rally fizzles as tariff fears resurface"class="img-responsive" alt="Wall Street rally fizzles as tariff fears resurface" title="Wall Street rally fizzles as tariff fears resurface"src="https://images.forbesindia.com/media/images/2025/Apr/img_244537_wallstreet.jpg" style="width: 100%;">US stocks wiped out trillions of dollars in value in the sessions after President Trump's "Liberation Day" tariff announcement before the president's reversal on Wednesday.
Wall Street stocks resumed their free fall Thursday while the dollar stumbled as persistent concerns about the economic fallout from President Donald Trump's trade wars put a fast end to the prior session's surge.
Major US indices spent the entire day in the red, disappointing traders who had been hoping to extend Wednesday's rally following Trump's pivot on tariffs.
"There's still a lot of apprehension," said Tom Cahill of Ventura Wealth Management, who described the level of uncertainty now permeating markets as "nearly unprecedented for my 30-year career."
The broad-based S&P 500 finished down 3.5 percent at 5,268.05. The index had soared 9.5 percent on Wednesday.
The dreary US session also put a damper on the day's buoyant rounds in Europe and Asia, with Tokyo surging 9.1 percent and Frankfurt winning 4.5 percent.