Markets recovered in midday trading after Commerce Secretary Wilbur Ross told CNBC that new tariffs on steel and aluminum are “no big deal.”
The S&P 500 was flat at 2,677.22 after being down as much as 1.1%. The Dow Jones Industrial Average fell 0.6% to 24,458.33 a rebound from down 1.6%. The Nasdaq was up 0.3% to 7,205.08 after being down as much as 1.3%.
The yield on a 10-year Treasury bond was up 2.1% to 2.86%.
The price of gold increased 1.2% to $1,321.
ICU Medical Inc. (Nasdaq: ICUI) rose 8.9% to $242.80 and a $4.8 billion market cap. The San Clemente company yesterday boosted its 2018 earnings forecast to $6.60 to $7.30 a share from a prior range of $6.05 to $6.65.
Aliso Viejo’s Microsemi Corp. (Nasdaq: MSCC) climbed 4.5% to $67.17 and a $7.9 billion market cap. Semiconductor maker Microsemi yesterday announced it is selling itself for $68.78 a share, or an enterprise value of $10.15 billion, to Microchip Technology Inc. (Nasdaq: MCHP) of Chandler, Ariz.