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By STAN CHOE, AP Writer

NEW YORK (AP) — U.S. stocks rose as a worldwide rally came back around to Wall Street. The S&P 500 climbed 1.7% Wednesday after President Donald Trump appeared to back off his criticism of the Federal Reserve and his tough talk in his trade war. The Dow Jones Industrial Average added 1.1%, and the Nasdaq composite rose 2.5%. Treasury yields also eased in the U.S. bond market after Trump said he has no intention to fire the Fed’s chair and that his tariffs could come down on China imports. Stocks also rallied across much of Europe and Asia.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — U.S. stocks are rising Wednesday as a worldwide rally comes back around to Wall Street after President Donald Trump appeared to back off his criticism of the Federal Reserve and his tough talk in his trade war.

The S&P 500 was 1.8% higher in late trading, coming off a big gain Tuesday that more than made up for its steep loss on Monday. The Dow Jones Industrial Average was up 462 points, or 1.2%, with an hour remaining in trading, and the Nasdaq composite was 2.9% higher. read more

By Marcos Cabello, Bankrate.com

Tariffs could cost the average American household $3,800 in 2025, according to The Budget Lab at Yale University. This estimate comes even as President Trump announced a 90-day pause on tariffs earlier this month, temporarily reducing most tariffs to 10% in the meantime, while maintaining higher rates for countries including China.

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Tariffs — taxes imposed on imported goods — typically cause prices to rise as companies pass these additional costs to consumers. While this inflationary pressure may keep savings account yields elevated longer, it also means your everyday purchases could become significantly more expensive. read more

By JAIMIE DING, Associated Press

Walgreens has agreed to pay up to $350 million in a settlement with the U.S. Department of Justice, which said that it illegally filling millions of prescriptions in the last decade for opioids and other controlled substances.

The nationwide drugstore chain must pay the government at least $300 million and will owe another $50 million if the company is sold, merged, or transferred before 2032, according to the settlement reached last Friday.

That would include a potential buyout worth nearly $10 billion by the private equity firm Sycamore Partners that Walgreens announced in early March.

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By DAMIAN TROISE, Associated Press

New York (AP) — Companies from a wide range of industries are having trouble assessing the impact of tariffs because of the constant uncertainty over whether and where the taxes will be imposed next or postponed, sometimes on a daily or weekly basis. Some tariffs remain in place against key U.S. trading partners, but others have been postponed to give nations time to negotiate.

As a result companies have been giving somewhat shaky financial forecasts during their latest round of earnings updates.

Here’s how several big companies are dealing with the tariff confusion:

Kimberly-Clark

The Irving, Texas, company makes Huggies, Kleenex and other personal care and household staples. It expects tariffs to add $300 million of costs and has warned about flat earnings for the year.

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By JOSH BOAK and FATIMA HUSSEIN

WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies.

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But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks between the United States and China had yet to formally start. Trump placed import taxes of 145% on China, which has countered with 125% tariffs on U.S. goods. Trump has placed tariffs on several dozen countries, causing the stock market to stumble and interest rates to increase on U.S. debt as investors worry about slower economic growth and higher inflationary pressures. read more