By Stephen Culp

NEW YORK (Reuters) – The New York Stock Exchange ended up on Wednesday, against a backdrop of hope for positive advances in the trade war between the United States and China, while US President Donald Trump also reassured about the autonomy of Jerome Powell and the maintenance of the latter at the head of the Federal Reserve (Fed).

The Dow Jones index won 1.07%, or 419.59 points, at 39,606.57 points.

The wider S&P-500 has taken 88.10 points, or 1.67%, at 5,375.86 points.

The Nasdaq Composite advanced 407.63 points (2.50%) at 16,708.05 points.

Like the day before, the three main Wall Street indices recorded gains in the wake of comments reporting that the Trump administration was willing to delete trade war with Beijing.

US Secretary of Commerce, Scott Bessent, said that customs duties raised between the United States and China were not viable, while the Wall Street Journal reported that Washington could significantly reduce taxes taken from Chinese products to appease tensions.

Note that the market was carried by “the developments from Washington”, Russell Price, chief economist of Ameriprise, in Michigan, underlined the appeasement brought by Donald Trump’s comments according to which the American president does not intend to turn Jerome Powell, after recently multiplied the attacks against the Patrone of the Fed.

“The market hoped to have this positive information, he had it,” he said, also citing “the possible substantial drop” of customs duties aimed at China.

Many investors consider Jerome Powell as a stabilizer for the market, while Wall Street has been shaken in recent weeks by the multiple commercial announcements of Donald Trump.

“The independence of the Fed is one of the bastions of the developed market system,” said Ross Mayfield, analyst at Baird, in Kentucky. “So threatening this bound to be pressured the obligations and the dollar,” he added.

In parallel with commercial issues, the quarterly results season has accelerated. Of the 110 companies in the S & P-500 having for the time being communicated their results, 75% of them have beaten the expectations of Wall Street according to LSEG data.

Analysts now anticipate an increase of 8.4% of turnover of companies in S & P-500 in the first quarter, against an increase of 8.0% expected on April 1.

Note, on the values ​​side, Tesla climbed 5.3% after its managing director Elon Musk said that he was going to considerably reduce her work within the Trump administration in order to devote more time to her businesses. Boeing took 6.1% after communicating a less important quarterly loss than expected.

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(Written by Jean Terzian)

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