Tesla Rally Boosts S&P 500 Amid Positive U.S.-China Trade Talks
The S&P 500 index rose on Tuesday, driven by Tesla's rally and optimism around favorable outcomes from ongoing U.S.-China trade discussions. Investor sentiments improved with hopes of reduced tariffs and better trade terms. Wall Street saw mixed performances among leading companies, while key economic data awaited final trade results.
The S&P 500 closed higher on Tuesday due to a strong performance by Tesla, which rose by 5.6%. This development came as investors remained optimistic about the ongoing U.S.-China trade negotiations aimed at reducing tariffs that have disrupted global markets.
U.S. Commerce Secretary Howard Lutnick expressed hope for a positive conclusion to the talks, though they might extend into Wednesday. The stock market, rebounding from an April downturn prompted by President Trump's tariffs, is nearing its February peak with expectations of resolved trade barriers.
Investors are set to scrutinize upcoming U.S. consumer prices data for insights into the Federal Reserve's interest rate plans. Meanwhile, Wall Street's major indexes recorded gains, with the Dow Jones rising by 0.25%. In contrast, notable fluctuations included Insmed's share surge by nearly 29% and J.M. Smucker's 15.6% decline after profit warnings.
(With inputs from agencies.)
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