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The Dow Jones Industrial Average advanced on Tuesday as Wall Street viewed President Donald Trump’s comments and first-day actions around international trade as a bit softer than initially believed.
The 30-stock index leaped 538.42 points, or 1.2%, to wind up Tuesday at 44,026.30
The S&P 500 took on 52.62 points to 6,049.28
The NASDAQ Composite jumped 126.58 points to 19,756.78.
3M climbed about 4% after earnings came in better than analysts expected.
Several big technology stocks also took a leg up, with Amazon, Nvidia and Alphabet each gaining more than 1%. But a drop of more than 3% in Apple on the back of two Wall Street downgrades weighed on the tech-heavy NASDAQ.
Trump said he was considering 25% tariffs on Mexico and Canada on Feb. 1 because of their border policies while signing first-day executive orders in the White House Monday night. He also mentioned China, noting that the U.S. could put tariffs on the country if it doesn’t approve a TikTok deal.
In his inaugural address, the president labeled his return to the White House as the beginning of a period of growth and success for the country, while largely condemning the Biden Administration. Trump also on Monday declared a national energy emergency to increase fossil fuel production.
Prices for the 10-year Treasury nicked up, dropping yields to 4.56% from Friday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices declined $1.79 to $76.09 U.S. a barrel.
Prices for gold gained $7.30 an ounce to $2,756 U.S.
Softening Tone on Tariffs Sent Equities Flying
