U.S. stocks edged slightly higher Tuesday as investors tried to build on the strong gains from the previous session that were sparked by hope that President Donald Trump will curtail his initial plans for broad-ranging tariffs. Investors also awaited consumer confidence figures that could sway the market later in the session.
The Dow Jones Industrial Average climbed 84 points, or 0.2%. The S&P 500 gained 0.2% along with the Nasdaq Composite.
The Conference Board’s consumer confidence index reading is scheduled for 10 a.m. ET. Economists polled by Dow Jones expect a print of 93.5, down from 98.3 in February.
Wall Street remains on edge over a potential uptick in inflation and slowing economic growth as it awaits reciprocal tariffs from the Trump administration on April 2. During Monday’s session, traders grew optimistic on news that the White House may narrow the scope of tariffs going into effect, according to reports from The Wall Street Journal and Bloomberg News.
Later Monday, Trump told the press that he “may give a lot of countries breaks” on reciprocal tariffs. He added that duties on certain sectors, such as pharmaceuticals and autos, would still be coming in the “near future.”
The 30-stock Dow ended the previous session higher by nearly 600 points, or about 1.4%. The broad market S&P 500 added nearly 1.8%, while the tech-heavy Nasdaq Composite climbed 2.3%.
Though the major averages posted back-to-back winning sessions on Monday, the gains come after a rocky past month for stocks. At one point earlier this month, the S&P 500 closed in correction territory.
“Typically during market corrections, the stock market recovers almost as fast as it declines,” said Jim Elios, founder of Elios Financial Group. “So we believe that we are on the other side of this market correction and that stocks should continue to move higher, albeit with some volatility.”
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