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 percent 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 percent, and the Nasdaq composite gained 1.5 percent.
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 percent, to 5,842.63.
The Dow Jones Industrial Average rose 485.60 points, or 1.1 percent, to 43,006.59.
The Nasdaq composite rose 267.57 points, or 1.5 percent, to 18,552.73.
The Russell 2000 index of smaller companies rose 21.22 points, or 1 percent, to 2,100.75.
For the week:
The S&P 500 is down 111.87 points, or 1.9 percent.
The Dow is down 834.32 points, or 1.9 percent.
The Nasdaq is down 294.55 points, or 1.6 percent.
The Russell 2000 is down 62.32 points, or 2.9 percent.
For the year:
The S&P 500 is down 39 points, or 0.7 percent.
The Dow is up 462.37 points, or 1.1 percent.
The Nasdaq is down 758.06 points, or 3.9 percent.
The Russell 2000 is down 129.41 points, or 5.8 percent.
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