FX.co ★ US Stocks Soar

U.S. stocks experienced a robust rally on Wednesday, with the S&P 500 increasing by 2.6%, the Nasdaq ascending by 3.6%, and the Dow Jones rising by more than 800 points, extending the momentum seen in Tuesday's strong rebound. The sectors leading this charge included consumer discretionary, technology, and communication services. Investor sentiment improved following President Trump's reassurance that he does not intend to dismiss Federal Reserve Chair Jerome Powell, alleviating concerns about political influence over U.S. monetary policy. Additionally, Trump adopted a more conciliatory tone regarding China, indicating plans to approach future trade discussions with "kindness," thereby raising hopes for a reduction in trade tensions. The earnings season remained a focal point, with Tesla shares rising approximately 4% after CEO Elon Musk vowed to "significantly" reduce his government involvement in response to critiques that he has been neglecting Tesla. Despite this, the company reported underwhelming first-quarter results, as automotive revenue declined by 20% compared to the previous year. Boeing shares surged nearly 9% after the company announced a smaller-than-anticipated adjusted loss per share.