U.S. stocks closed higher as investors welcomed signs of progress on trade policy and processed a flurry of corporate earnings.
The Dow Jones Industrial Average rose 300 points, or nearly 0.75%, while the S&P 500 gained 0.6% and the Nasdaq Composite added 0.5%.
The bounce gained momentum in the afternoon after U.S. Commerce Secretary Howard Lutnick told CNBC that a trade deal with an unnamed country was “done” but awaiting approval abroad. Investors interpreted the remarks as a positive signal amid uncertainty surrounding Trump’s trade strategy.
Despite the rally, President Donald Trump’s first 100 days of his new term have shaped up to be the worst for markets at the start of a presidency since Richard Nixon’s in 1973.
The S&P 500 is on track for its biggest loss over the first 100 days of a presidential term in more than five decades.
Trump’s auto-related executive order
Earlier, Trump signed an executive order preventing overlapping auto tariffs, offering a reprieve to automakers already strained by existing levies.
General Motors, which posted stronger-than-expected earnings, pulled its 2025 guidance and suspended share buybacks while awaiting further clarity.
Amazon shares also reversed losses after denying plans to display tariff-related surcharges on its site. The White House had called the rumored move a “hostile and political act.”
Earnings were in focus, with Spotify and Coca-Cola reporting before the bell, and Starbucks due after the close. Honeywell jumped 5% after a solid earnings beat, helping lead the Dow higher.
Still, economic data underlined broader uncertainty. Consumer confidence fell for the fifth straight month, and job openings hovered at a four-year low.
Bitcoin (BTC) traded around the $95,000 threshold for most of the day.
