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Stocks turned higher 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 134.08 points to 47,123.97
The broader index regained 24.21 points to 5,657.28
The NASDAQ reversed course and climbed 119.12 points to 17,569.01.
Shares of Tesla climbed 3%, similarly turning around from earlier on the heels of weak quarterly delivery figures, after Politico reported 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,” the president said Sunday.
The White House revealed Tuesday that the levies “will be effective immediately” after being unveiled at an event in the Rose Garden slated for 4 p.m. ET.
Details are still scarce, which has fueled 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.
Prices for the 10-year Treasury lost ground, raising yields to 4.19% from Tuesday’s 4.17%. Treasury prices and yields move in opposite directions.
Oil prices grabbed 26 cents to $71.46 U.S. a barrel.
Prices for gold brightened $21.30 to $3,167.30 U.S.