Stocks rallied Tuesday on hopes that U.S.-China trade tensions could ease soon, as investors recovered most of the steep declines suffered in the previous session.
The Dow Jones Industrial Average
rose 898 points, or 2.3%. The S&P 500
gained 2.3%, and the Nasdaq Composite
climbed 2.7%.
The major averages spiked to their highs of the day after Bloomberg News reported, citing sources, that Treasury Secretary Scott Bessent told a group of investors Tuesday that the trade war with China was unsustainable. According to the report, Bessent also said that a deal between the two nations was possible.
Stocks closely tied to China got a boost on the report. Nvidia
popped to trade 6% higher, while Tesla
also jumped 5%. AMD
was up more than 1%, erasing an earlier decline.
