U.S. stocks closed higher on Wednesday, with the S&P 500 up 1.7%, the Nasdaq up 2.5% and the Dow up 419 points, as easing U.S.-China trade tensions and President Trump's assurance that he would not remove Fed Chairman Jerome Powell boosted sentiment. However, all three indexes fell from their highs as investors questioned whether a trade resolution was truly in sight. Treasury Secretary Bessent noted that Trump had not proposed unilateral tariff cuts and that talks with China had not yet begun, dampening early optimism. The remarks followed the president's remarks that tariffs might not stay at their current 145% level. Meanwhile, Trump's change in tone regarding Powell helped ease concerns about the central bank's independence. Tesla shares jumped 5.4% after CEO Elon Musk announced that he would significantly reduce his involvement with the government to focus on leading his company. Boeing also rose 6.1%, supported by increased aircraft deliveries. (Newsmaker23)
Source: Trading Economics
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