Stocks rose on Wednesday on news that President Donald Trump plans to delay the implementation of auto tariffs.
The Dow Jones Industrial Average traded up 156 points after falling as much as 190 points earlier in the session. The S&P 500 gained 0.7% while the Nasdaq Composite rose 1.2%.
Three sources told CNBC the administration will delay those levies by up to six months. The news, which was first reported by Bloomberg News, sent auto stocks higher. Fiat Chrysler’s U.S.-listed shares rose 1.4% while Ford Motor and General Motors gained 1.3% and 1%, respectively.