U.S. stocks close higher amid tariff debate

NEW YORK, March 8 (Xinhua) -- U.S. stocks closed higher on Thursday amid ongoing tariffs debate in the country.

The Dow Jones Industrial Average added 93.85 points, or 0.38 percent, to 24,895.21. The S&P 500 increased 12.17 points, or 0.45 percent, to 2,738.97. The Nasdaq Composite Index was up 31.30 points, or 0.42 percent, to 7,427.95.

U.S. equities pared losses in late trading on Thursday after the Associated Press reported that the tariffs proposed by U.S. President Donald Trump will take effect in 15 days and will exempt Canada and Mexico indefinitely.

Trump is expected to release more details on his tariffs later this week.

The stock market was under pressure on Wednesday as Gary Cohn, the chief economic advisor to Trump, resigned from his post.

Analysts said Cohn has been seen as a voice of reason in the 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 claims was 231,000, an increase of 21,000 from the previous week, higher than market expectations. Enditem