Wall Street Rallies on Tariff Hopes
US Stocks soared on Monday as optimism grew that the Trump administration may adopt a more targeted approach to tariffs, easing concerns of a full-blown trade war.
The S&P 500 climbed 1.8% to a two-week high, while the Nasdaq 100 gained 2.1%, and the Dow Jones rose 597 points.
Tech stocks led the gains, with Nvidia and AMD jumping 3.1% and 7%, respectively, while Tesla surged 11.9% after weeks of declines. Amazon gained 3.6% and Alphabet advanced by 2.1%. Reports indicated that the administration might exclude certain sector-specific tariffs from its April 2 rollout, though officials cautioned that final decisions had not yet been made.
Investors welcomed the potential shift in policy after weeks of market volatility driven by recession fears and weak consumer sentiment. Meanwhile, preliminary PMIs showed unexpectedly strong growth in the services sector, while manufacturing contracted, with input costs spiking due to tariffs.
Source: Trading Economics
