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Stocks rose on Wednesday on news that President Donald Trump plans to delay the implementation of auto tariffs.
The Dow Jones Industrials put some pep in their step, jumping 95.41 points to 25,627.46, after falling as much as 190 points earlier in the session.
The S&P 500 recovered 14.96 points to 2,849.37
The NASDAQ Composite gained 71.69 points to 7,806.18
Reports circulated Wednesday morning that the Trump administration will delay those levies by up to six months. The news, which was first reported by Bloomberg News, sent auto stocks higher. Fiat Chrysler’s U.S.-listed shares rose 1.5% while Ford Motor tacked on 1.3%, and General Motors gained 0.7%.
Overnight, data released in China showed industrial production rose by 5.4% in April on a year-over-year basis, notching the slowest pace of growth since May 2003. Economists expected an expansion of 6.5%. Chinese retail sales also disappointed economists.
U.S. retail sales fell 0.2% in April, the Commerce Department said Wednesday. Economists polled by Dow Jones expected an increase of 0.2%.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 2.39% from Tuesday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices gained 39 cents to $62.17 U.S. a barrel.
Gold prices dropped a dime to $1,296.20 U.S. an ounce.
