US stocks rose on Wednesday, driven by revived hopes for progress in the US-China trade dispute and President Donald Trump’s reassurances about the Federal Reserve’s autonomy. Treasury Secretary Scott Bessent said high tariffs between the two countries were unsustainable, while Trump signaled openness to easing trade tensions.
The Dow Jones Industrial Average jumped 419.59 points, or 1.07%, to 39,606.57. The S&P 500 and Nasdaq Composite followed suit, gaining 88.10 points, or 1.67%, and 407.63 points, or 2.50%, respectively.
Tesla and Boeing shares rose after their quarterly results, with Tesla’s net profit plunging 71% despite Elon Musk scaling back his work with the Trump Administration. Boeing reported a smaller-than-expected quarterly loss as it delivered more aircraft.
However, investors’ views on Trump’s handling of the economy have soured, with just 37% approving of his performance according to a Reuters/Ipsos poll. The S&P Global April purchasing managers’ index showed business activity losing momentum amid rising tariffs and trade protectionism.
First-quarter earnings season is in full swing, with 110 companies reporting results. Analysts now see aggregate S&P 500 earnings growth at 8.4% for the January to March period.
Source: https://www.reuters.com/business/us-stock-futures-jump-trump-backtracks-threats-fire-fed-head-tesla-jumps-2025-04-23