The Dow Jones Industrial Average advanced on Tuesday as Wall Street viewed President Trump’s comments and first-day actions around international trade as a bit softer than initially feared.
The 30-stock index leaped 259.57 points to 43,747.40
The S&P 500 took on 23.90 points to 6,020.56
The NASDAQ Composite tacked on 13.71 points, or 1.5%, to 19,643.51.
3M climbed more than 4% after earnings came in better than analysts expected. Tuesday’s rally also included small-cap names, driving the Russell 2000 nearly 1% higher.
Several big technology stocks also took a leg up, with Amazon and Alphabet each gaining more than 1%. But a drop of more than 3% in Apple on the back of two Wall Street downgrades weighed on the tech-heavy NASDAQ.
Trump said he was considering 25% tariffs on Mexico and Canada on Feb. 1 because of their border policies while signing first-day executive orders in the White House Monday night. He also mentioned China, noting that the U.S. could put tariffs on the country if it doesn’t approve a TikTok deal.
In his inaugural address, the president labeled his return to the White House as the beginning of a period of growth and success for the country, while largely condemning the Biden Administration. Trump also on Monday declared a national energy emergency to increase fossil fuel production.
Markets in the U.S. were shuttered Monday for Martin Luther King Day.
Prices for the 10-year Treasury nicked up, dropping yields to 4.57% from Friday’s 4.61%. Treasury prices and yields move in opposite directions.
Oil prices declined $1.69 to $76.19 U.S. a barrel.
Prices for gold edged up $2.40 an ounce to $2,751.10 U.S.
