Wall Street's main indexes rose on Tuesday, with the S&P 500 and the Dow closing at their highest levels in more than a month as investors assessed Donald Trump's first actions as U.S. president and were encouraged that he did not start his second term with blanket tariff increases.

Market Snapshot

The Dow Jones Industrial Average rose 537.98 points, or 1.24%, to 44,025.81, the S&P 500 gained 52.58 points, or 0.88%, to 6,049.24 and the Nasdaq Composite gained 126.58 points, or 0.64%, to 19,756.78, to close near its highest level since Jan. 6.

Market Movers

Tesla Motors fell 0.6% to $424.07. Trump vowed to eliminate Environmental Protection Agency rules requiring auto makers to sell all-battery electric vehicles to avoid hefty emissions-related fines.

Still, investors believe the Trump presidency will benefit Tesla . The stock has risen about 70% since Election Day on Nov. 5, dovetailing with CEO Elon Musk aligning himself closely with the president. Separately, analysts at Piper Sandler raised their price target to $500 from $315 and maintained an Overweight rating. Fellow EV maker Rivian Automotive, Inc. declined 6.5%.

MicroStrategy declined after Trump didn’t touch on his plans for Bitcoin in his inaugural address. The software company is one of the world’s largest holders of the cryptocurrency. Shares fell 1.9%.

Trump Media & Technology was down 11% after Trump was sworn in as the 47th president.

Apple fell 3.2% to $222.64 after analysts at Jefferies downgraded the iPhone maker to Underperform from Hold and reduced their price target to $200.75 from $211.84. The analysts cited weak iPhone sales and said they expect Apple to miss its guidance for 5% revenue growth in its fiscal first quarter.

NVIDIA was up 2.3% after Trump revoked an order from the Biden administration that was aimed at limiting risks from artificial intelligence. The order required AI developers that pose a risk to national security to share any results of safety tests with the government before they are disclosed to the public.

Moderna, Inc. was awarded $590 million from the Health and Human Services Department on Friday to accelerate the development of its bird flu vaccine. Shares of the vaccine maker were up 5.4%.

Walgreens Boots Alliance dropped 9.2% after being sued by the Justice Department for allegedly helping fuel the opioid crisis. The government said Walgreens filled millions of prescriptions “with clear red flags that indicated the prescriptions were highly likely to be unlawful,” adding the company “allowed millions of opioid pills and other controlled substances to flow illegally out” of its stores. Walgreens said it stood behind its pharmacists. 

3M gained 4.2% after reporting better-than-expected fourth-quarter earnings and issuing guidance roughly in line with Wall Street expectations.

General Motors was upgraded to Buy from Hold at Deutsche Bank and the stock, rising 5.7%, received another boost after Trump mentioned his support for the auto industry in his inauguration address.

Charles Schwab jumped 5.9% after the wealth management company reported fourth-quarter adjusted earnings that topped analysts’ estimates. Revenue rose 20% from a year earlier to $5.3 billion.

Market News

Trump Says He’s Open to Elon Musk or Larry Ellison Purchasing TikTok

President Donald Trump said he would be open to billionaire supporter Elon Musk or Oracle Corp. Chairman Larry Ellison purchasing social video app TikTok as part of a joint venture with the US government.

“I have the right to make a deal,” Trump said at an event alongside Ellison at the White House on Tuesday. “So what I’m thinking about saying to somebody is buy it and give half to the United States of America, half, and we’ll give you the permit, and they’ll have a great partner.”

Bitcoin Gains as US SEC Gives Crypto Its First Policy Win

Bitcoin, the world's largest cryptocurrency, approached the previous session's record high on Tuesday in choppy trading as the top U.S. markets regulator unveiled a plan to overhaul rules for the sector.

Bitcoin hit a record high $109,071 on Monday when Trump, who has pledged to be a "crypto president," was sworn in, but sank when crypto was not included in a flurry of on Day One.

Bitcoin prices rose 3.8% while Ethereum , the second-largest cryptocurrency, gained 1.4% as the market shook off some of that disappointment.

The Securities and Exchange Commission's new leadership said on Tuesday it had created a task force to develop a regulatory framework for digital assets, the first major move by Trump's new administration to overhaul crypto policy.

Netflix Shares Soar on Price Hikes and Record Subscriber Gains

Netflix reaffirmed its dominance of the streaming video market on Tuesday, as its mixture of live sporting events, popular returning series - and singular moments, such as a football halftime performance by Beyonce - helped attract a record number of subscribers over the holiday quarter.

The company added 18.9 million subscribers in its fourth quarter to bring its total global subscriber base to nearly 302 million customers - a number that dwarfs its Hollywood streaming rivals.

Netflix sought to capitalize on its galloping popularity by raising prices in the U.S., Canada, Portugal and Argentina as it spends more on programming. In the U.S., the company's ad-supported service will cost $7.99 a month, up from $6.99, while the premium package will cost $24.99, up 9% from existing pricing.

Investors reacted enthusiastically to the results, sending Netflix's stock surging about 14% in extended trade, lifting its stock market value by almost $50 billion. Over the last year, Netflix shares have gained more than 77%, outpacing the S&P 500's 24% rise.