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Investing.com -- The S&P 500 experienced a tumultuous trading session on Monday, initially plummeting by 4% before rebounding and trading about 1% higher. The sudden surge followed a brief period of confusion caused by a circulated rumor, which was later confirmed as fake news, regarding a potential 90-day pause in tariffs for all countries except China.
The market's rollercoaster ride began when a headline from an undisclosed source, claiming that "HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA," was picked up by CNBC. This news led to a brief surge in optimism among investors, as it suggested a possible de-escalation in trade tensions that could have had positive implications for global commerce and economic growth.
However, the White House quickly addressed the rumor, labeling it as "wrong" and dismissing the headline as fake news. The clarification came after National Economic Council Director Kevin Hassett appeared on Fox, where he was questioned about the possibility of a 90-day tariff pause. Hassett's non-committal response, stating that "the president is going to decide what the president is going to decide," was apparently misconstrued, leading to the erroneous headline.
Despite the correction, the S&P 500 managed to pare back some of its losses and was down only 1%. The incident underscores the market's sensitivity to news related to trade policy, which has been a significant driver of volatility in recent times.
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