Stock Market Today: Stocks up on Trump's Fed remark, hope for China trade deal
Investors cheer as President Trump softens rhetoric on the Fed and China.
9:57 a.m.
Stocks were soaring this morning in a second huge rally as investors cheered President Donald Trump's comments not to remove Federal Reserve Chairman Jerome Powell and hopes built that China and the U.S. might cut a trade deal.
The Dow Jones industrials jumped more than 1,000 points right after the open to 40,252. The index had been under 40,000 for four straight days.
The Standard & Poor's 500 Index was up nearly 3% to 5,431. The Nasdaq Composite Index was up 590 points, or 3.7%, to 18,884
9 a.m. ET
Stocks were headed to a second big rally in two days after President Trump said he wouldn't fire Federal Reserve Chairman Jerome Powell. And he said tariffs on goods from China would drop substantially once the two sides start to negotiate seriously.
Futures trading suggested the Standard & Poor's 500 Index would open up 133 points. The Dow Jones Industrial Average would jump 750 points, and the Nasdaq Composite Index would rise around 560 points.