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The Dow Jones Industrial Average advanced on Tuesday as Wall Street viewed President Trump’s comments and first-day actions around international trade as a bit softer than initially believed.
The 30-stock index leaped 466.33 points, or 1.1%, to 43.954.16
The S&P 500 took on 44.71 points to 6,041.37
The NASDAQ Composite jumped 99.25 points to 19,729.45.
3M climbed more than 4% after earnings came in better than analysts expected.
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everal big technology stocks also took a leg up, with Amazon and Alphabet each gaining more than 1%. But a drop of more than 3% in Apple on the back of two Wall Street downgrades weighed on the tech-heavy Nasdaq.
Trump said he was considering 25% tariffs on Mexico and Canada on Feb. 1 because of their border policies while signing first-day executive orders in the White House Monday night. He also mentioned China, noting that the U.S. could put tariffs on the country if it doesn’t approve a TikTok deal.
In his inaugural address, the president labeled his return to the White House as the beginning of a period of growth and success for the country, while largely condemning the Biden Administration. Trump also on Monday declared a national energy emergency to increase fossil fuel production.
Prices for the 10-year Treasury nicked up, dropping yields to 4.58% from Friday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices declined $1.47 to $76.41 U.S. a barrel.
Prices for gold gained $12.40 an ounce to $2,761.10 U.S.
