U.S. stocks extend gains, Dow Jones up 1.00%, S&P 500 up 1.6%, Nasdaq up 2%

U.S. stocks extend gains, Dow Jones up 1.00%, S&P 500 up 1.6%, Nasdaq up 2%

U.S. stocks extended their gains on Wednesday, with the Dow Jones Industrial Average rising 1.00%, the S&P 500 surging 1.6%, and the Nasdaq Composite advancing 2%. The market rally was driven by President Donald Trump's comments on Tuesday, where he stated he has no plans to remove Federal Reserve Chair Jerome Powell and hinted at a potential reduction in tariffs on Chinese imports [1].

At the opening bell, the Dow Jones Industrial Average climbed 628.0 points, or 1.60%, to 39,815.01. The S&P 500 rose 108.2 points, or 2.05%, to 5,395.92, while the Nasdaq Composite jumped 579.9 points, or 3.56%, to 16,880.29. The rally continued throughout the day, with the Dow Jones ending the session up 1.27%, the S&P 500 surging 1.82%, and the Nasdaq Composite gaining 2.78% [2].

Trump's comments came after days of criticism of Federal Reserve Chair Powell for not cutting interest rates. The president's remarks eased fears over the central bank's independence and bolstered investor confidence. Additionally, Trump's softened stance on tariffs raised hopes for a trade deal with China, further supporting the market rally [3].

Tesla shares surged 4.7% after CEO Elon Musk announced he would spend less time in Washington and more time running the electric vehicle company. Other notable movers included Nvidia, which gained 5.1%, and Meta Platforms, which rose 6.7% [1].

Gold prices retreated from their record high, with spot gold slipping 2.2% at $3,305.79 an ounce by 09:23 AM ET (1323 GMT). Oil prices edged lower after Kazakhstan said it would prioritize national interests over output limits agreed with the OPEC alliance [1].

References:
[1] https://www.livemint.com/market/stock-market-news/wall-street-today-nasdaq-rallies-3-5-s-p-500-soars-2-dow-up-1-6-after-trump-says-has-no-plans-to-remove-fed-ch-11745416110230.html
[2] https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-rally-as-trump-softens-stance-on-powell-china-tariffs-133419680.html
[3] https://economictimes.indiatimes.com/markets/stocks/news/dow-jones-jumps-1000-points-at-open-nasdaq-sp-500-soar-3-as-trump-goes-easy-on-feds-powell/articleshow/120555364.cms