Wall Street rallies after Trump pulls back on some of his tariffs
By STAN CHOE and DAMIAN J. TROISE
NEW YORK (AP) — 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.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — U.S. stocks are rallying Wednesday after President Donald Trump showed again that his latest word on tariffs won’t always be his last. By pulling back on some of his tariffs temporarily, Trump revived hope on Wall Street that he may avoid a worst-case trade war that grinds down economies and sends inflation higher.