The US stock market roared back to life on Wednesday, and the Dow shot around 100 points higher as Wall Street prepared to close the book on its best June in more than three-quarters of a century.
Dow Soars as Stock Market Claws Back Tuesday’s Losses
All of Wall Street’s major indices rallied during the Wednesday morning session. By 9:44 am ET, the Dow Jones Industrial Average had climbed 89.46 points or 0.34%; the DJIA last traded at 26,637.68.
The S&P 500 added 11.47 points or 0.39% to trade at 2,928.85. Seven of 11 primary sectors reported gains, with Technology surging 1.59% to headline the index.
The Nasdaq outperformed its peers, and the tech-heavy index surged 77.97 points or 0.99% to 7,962.69.
Trump Administration Will Likely Suspend $300 Billion in New China Tariffs
The stock market bounced back from Tuesday’s dismal session because investors anticipate a positive outcome from the Trump-Xi meeting later in the week.
While analysts warn that a further escalation would thrust the global economy into a vicious recession, a Bloomberg survey found that nearly three-quarters of economists believe the US and China will either sign an extended truce that cements the present tariff regime or a partial trade deal that reduces or eliminates some tariffs.
Apparently confirming that moderately-bullish outlook, Bloomberg also reports that the White House could ax its plans to impose punitive tariffs on $300 billion worth of Chinese goods.