Wall Street Rebounds on Trade Hopes
US stocks experienced a notable rally on Tuesday, buoyed by investor optimism for a reduction in tensions surrounding the US-China trade conflict. This positive sentiment followed a substantial decline in the markets the day before. The S&P 500 and Nasdaq both rose by 2.5%, while the Dow Jones Industrial Average jumped by 1,016 points. The upbeat atmosphere was largely attributed to remarks made by Treasury Secretary Bessent at a summit organized by JPMorgan. Bessent described the ongoing tariff dispute as "unsustainable" and hinted that negotiations with China might soon advance towards a resolution. However, the day's gains tempered somewhat following Bessent's admission that no formal talks had commenced and his caution that any negotiations would likely be protracted. Amidst this fluctuating optimism, concerns persisted regarding President Trump's criticisms of Federal Reserve Chair Jerome Powell, which have contributed to the market's recent volatility. In the technology sector, stocks were at the forefront of the rebound, with Tesla shares increasing by 4.6% ahead of its earnings announcement, despite the company being down 40% for the year. On the earnings side, General Electric saw a significant rise of 6.1% after releasing its results, whereas Verizon's performance was lackluster following the disclosure of its earnings.
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