Dow rallies 900 points after Trump softens stance on Powell, China tariffs
Stocks surged on Wednesday after President Donald Trump said he doesn’t plan to remove Federal Reserve Chairman Jerome Powell from his post as central bank leader. They also got a boost as Trump also signaled tariffs on Chinese imports may go down.
The Dow Jones Industrial Average popped 926 points, or 2.3%. The S&P 500 climbed 2.8%, and the Nasdaq Composite rallied 3.6%.
The rally came after Trump said late Tuesday that he has “no intention” of firing Powell, whose term as Fed chair will end in May 2026.
The comment is a reversal of sorts for the president, who fired off barbs against Powell as recently as Monday, calling the central bank leader a “major loser” and demanding that interest rates come down. Just last week, Trump said in a Truth Social post that Powell’s “termination cannot come fast enough.”
Trump also said he’s willing to take a less confrontational approach to trade talks with China, noting that the current 145% tariff on Chinese imports is “very high, and it won’t be that high. ... No, it won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.”
Source : CNBC
