Stocks edge up as tariffs worry investors

NEW YORK — U.S. stocks meandered but finished mostly higher Tuesday as retailers and industrial companies rose. A jump in metals prices helped mining and materials companies. Asian markets jumped after the North Korean government said it was open to talks with the U.S. about ending its nuclear program.

Stocks have edged higher over the last three days, but they've frequently bounced up and down as investors grappled with the Trump administration's stance on trade and whether the proposed tariffs on steel and aluminum imports will push inflation higher in the U.S. and lead to retaliation by other countries that would hurt economic growth and corporate profits.

Kristina Hooper, chief global markets strategist for Invesco, said Wall Street is having trouble deciding if the tariffs are more of a bargaining chip in trade negotiations, as President Donald Trump has suggested at times in the last few days, or if they are a goal on their own.

“When it seemed as though it was just rhetoric, markets relaxed,” she said. “Today, I think concerns have grown that maybe this isn't just a bargaining tactic.”

She said Republicans in Congress don't seem to be treating the tariffs as a bargaining move: House Speaker Paul Ryan spoke up against the proposed tariffs Tuesday and called for a “more surgical approach” that might cause less backlash.

Stocks fell 3.7 percent during a three-day losing streak last week after Trump announced his tariff plans. Other countries objected, and the European Union announced plans to put tariffs on some U.S.-made goods including bourbon and motorcycles. Companies that make most of their sales overseas have fared the worst, while U.S.-focused companies have regained their losses from that three-day stretch.

Asian markets rose after North Korea said it was willing to talk with the U.S. on denuclearization.

While retailers including Amazon, Best Buy and Lowe's gained ground, Target lost $3.35, or 4.5 percent, to $71.79 after it reported that costs associated with overhauling its stores and investing in its website affected its earnings and forecasts for the current year. Target also said it is raising minimum starting pay for workers for the second time in less than a year.

Nordstrom rose 1.1 percent to $52.49 after the department store rejected an offer from the Nordstrom family to take it private, saying the price of $50 a share was too low.