Wall Street Rises on Trade Hopes
US equities closed higher on Wednesday, with the S&P 500 up 1.7%, the Nasdaq gaining 2.5%, and the Dow climbing 419 points, as easing U.S.-China trade tensions and President Trump’s assurance that he won’t remove Fed Chair Jerome Powell boosted sentiment.
Still, all three indexes pulled back from their highs as investors questioned whether a trade resolution is truly in sight. Treasury Secretary Bessent noted Trump hasn’t proposed a unilateral tariff cut and that talks with China haven’t started, tempering early optimism.
This statement followed the President’s remarks suggesting that tariffs may not stay at the current 145% level Meanwhile, Trump’s shift in tone regarding Powell helped ease concerns over the central bank’s independence.
Tesla shares surged 5.4% after CEO Elon Musk announced he would significantly cut back his involvement with the government to concentrate on leading his companies. Boeing also advanced by 6.1%, supported by improved aircraft deliveries.
Source: Trading Economics