April 24, 2025 - 02:41
US stocks experienced a significant rally as President Trump stated he has "no intention" of dismissing Federal Reserve Chair Jerome Powell. This announcement has alleviated concerns among investors regarding the potential undermining of the central bank's independence. The news sparked a wave of optimism on Wall Street, contributing to a notable uptick in major stock indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq.
Additionally, the market reacted positively to the easing of tensions surrounding China tariffs. Investors are hopeful that a more stable economic environment could lead to improved trade relations and ultimately benefit corporate earnings. The combination of Trump's supportive remarks about Powell and the prospect of reduced trade barriers has created a favorable atmosphere for investors, leading to increased buying activity across various sectors.
As a result, the stock market closed significantly higher, reflecting renewed confidence in the economic outlook and the leadership of the Federal Reserve.
