US stocks closed higher on Tuesday, with the S&P 500 notching its sixth straight day of gains. Investors are monitoring corporate earnings, signs of progress in US President Donald Trump’s tariff negotiations, and growing concerns about a global recession.
The Dow Jones Industrial Average rose 300.03 points to 40,527.62, while the Nasdaq Composite gained 95.19 points to 17,461.32. Canada’s election served as a rebuke to Trump’s trade policies, with Prime Minister Mark Carney’s Liberal party retaining power.
US Treasury Secretary Scott Bessent said tariff talks are ongoing and that supply chain disruption is not expected. China has exempted ethane from its tariffs on US imports, a sign of fluidity in the trade situation.
Meanwhile, consumer confidence fell to a 13-1/2 year low, while job openings dropped 3.9%. Oil prices slid 2.63% to $60.42 per barrel, and gold prices dipped 0.59%.
The dollar gained after Bessent’s comments on trade talks, but remained on pace for the biggest monthly drop against the euro since November 2022. Canada’s loonie softened against the dollar as Carney’s Liberals won power.
The US economy is shifting into high gear this week with first-quarter reporting season in full swing. Investors will be watching closely for signs of growth and any potential deals or tariff reductions.
Source: https://www.reuters.com/markets/global-markets-wrapup-1-2025-04-29