U.S. stocks recovered from early morning losses Wednesday after reports that the Trump administration was taking steps to ratchet down trade tensions with the European Union, Canada and Mexico.
The S&P 500 rose 0.6% or around 17 points higher to 2,851, while the Dow Jones Industrial Average added approximately 116 points, or 0.5% to 25,648, while the Nasdaq Composite index rallied 1.1%, or 88 points, to 7,822.
News reports indicated that the Trump Administration was delaying a decision to impose tariffs on auto imports that would have impacted trade partners in the European Union, while Treasury Secretary Steve Mnuchin also said that the administration is working on a plan to remove steel and aluminum tariffs on Canada and Mexico as part of its final push to ratify a new North American trade agreement. Technology shares, which are seen as trade-sensitive, led the market higher, along with shares of U.S. automakers Ford Motor Co. and General Motors Co.
Source : MarketWatch