U.S. stocks rallied after President Donald Trump pulled back on some of his tariffs, raising hopes he may avoid a worst-case trade war that grinds down economies and sends inflation higher.
The S&P 500 rose 1.1% Wednesday, bouncing back from its sell-off that had erased all of its “Trump bump” since Election Day. The Dow Jones Industrial Average also added 1.1%, and the Nasdaq composite gained 1.5%.
The market turned higher after Trump said he’s granting a one-month exemption for U.S. automakers on his stiff new tariffs for Mexican and Canadian imports. Jumps for Ford and GM stock helped lead the market.
On Wednesday:
The S&P 500 rose 64.48 points, or 1.1%, to 5,842.63.
The Dow Jones Industrial Average rose 485.60 points, or 1.1%, to 43,006.59.
The Nasdaq composite rose 267.57 points, or 1.5%, to 18,552.73.
The Russell 2000 index of smaller companies rose 21.22 points, or 1%, to 2,100.75.
For the week:
The S&P 500 is down 111.87 points, or 1.9%.
The Dow is down 834.32 points, or 1.9%.
The Nasdaq is down 294.55 points, or 1.6%.
The Russell 2000 is down 62.32 points, or 2.9%.
For the year:
The S&P 500 is down 39 points, or 0.7%.
The Dow is up 462.37 points, or 1.1%.
The Nasdaq is down 758.06 points, or 3.9%.
The Russell 2000 is down 129.41 points, or 5.8%.
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