U.S. stocks trade higher amid tariff debate

NEW YORK, March 8 (Xinhua) -- U.S. stocks trader higher on Thursday as investors were awaiting for more news about U.S. President Donald Trump's tariff plan.

At midday, the Dow Jones Industrial Average added 32.45 points, or 0.03 percent, to 24,833.81. The S&P 500 increased 8.80 points, or 0.32 percent, to 2,735.60. The Nasdaq Composite Index was up 28.93 points, or 0.39 percent, to 7,425.58.

The U.S. equities were supported on Thursday after the White House hinted on Wednesday that Canada and Mexico could be exempt from the tariff plan proposed by Trump, who is expected to release more details on his tariffs later on Thursday.

The stock market was under pressure in early session on Wednesday as Trump's Chief Economic Advisor Gary Cohn resigned from his post.

Cohn, a "globalist" within the White House, has been mounting a last-ditch attempt to head off Trump's tariff plan on steel and aluminum imports.

Analysts said Cohn has been seen as a voice of reason in a White House that is seemingly in constant turmoil and he opposed the implementation of tariffs. His departure raised concerns about a potential trade war in the near future.

In the economic front, the U.S. Labor Department said on Thursday that in the week ending March 3, the advance figure for seasonally adjusted jobless initial claims was 231,000, an increase of 21,000 from the previous week, higher than market expectations.

The four-week moving average was 222,500, an increase of 2,000 from the previous week's unrevised average of 220,500. Enditem