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Stocks climbed on Wednesday in yet another volatile session as Wall Street readied for the expected rollout of President Donald Trump’s tariffs.
The Dow Jones Industrials surged 235.36 points to close Wednesday at 47,225.32
The S&P 500 index regained 37.9 points to 5,670.97
The NASDAQ climbed 151.15 points to 17,670.97.
Shares of Tesla climbed 6%, similarly turning around from earlier on news that President Donald Trump has signaled to his cabinet that Elon Musk will be stepping back from his advisory role in the coming weeks.
The moves come ahead of the implementation of a raft of Trump’s reciprocal tariffs that will “start with all countries.”
Even leading up to the close, details were still scarce, fueling concerns about which industries will be most impacted and whether the economy could slow down as a result. The administration as of Tuesday had yet to decide on the tariff levels and was still considering several options, according to a report from Bloomberg News, citing people familiar.
However, Treasury Secretary Scott Bessent told lawmakers that Wednesday’s duties will serve as a “cap,” where the tariffs that are announced will be the highest amount set, according to Republican Congressman Kevin Hern. That will give countries the opportunity to take steps to bring the tariff amount down.
Prices for the 10-year Treasury lost a bit of ground, raising yields to 4.18% from Tuesday’s 4.17%. Treasury prices and yields move in opposite directions.
Oil prices grabbed 65 cents to $71.85 U.S. a barrel.
Prices for gold brightened $16.20 to $3,164.20 U.S.