Stock Market Storms Back as Trump Teases ‘Very Strong’ Trade Odds
The stock market stormed into recovery mode after President Trump teased that he believes US-China trade talks are set for a “very strong” day. | Source: AP Photo / Andy Wong, File
By CCN: The US stock market stormed into recovery mode on Thursday afternoon after President Donald Trump revealed that he remains optimistic about the odds of the US-China trade deal that increasingly appears to have slipped from the administration’s grasp.
Stock Market Bounces Back from Brutal Decline
All of Wall Street’s major indices bounced back from brutal intraday lows.
The Dow Jones Industrial Average recovered more than 200 points to 25,778.69, though the DJI remained 188.64. points or 0.73% in the red after plunging more than 400 points earlier in the session.
The S&P 500 clawed back to 2,865.98 for a loss of 0.47%, and the Nasdaq recovered to 7,900.29 for a loss of 0.55%.
The CBOE VIX, which measures stock market volatility, fell 0.52% to 19.3. The VIX had surged as high as 23.38 following the opening bell.
Trump: ‘Our Alternative Is an Excellent One’
The sudden recovery came after President Trump told reporters that the White House had prepared an “excellent” alternative to a formal US-China trade agreement and delivered assurances that he believed a deal remained within reach.
“They’ll see what they can do,” Trump said. “But our alternative is an excellent one.”
“It’s an alternative I’ve spoken about for years.