Wall Street Surges as Conflicting Reports Shake Markets

Wall Street benchmarks ended the day modestly higher, with the Nasdaq Composite achieving its latest record close. Earlier, the market tumbled amid reports suggesting President Trump might fire Federal Reserve Chair Jerome Powell.

After denying the firing claims, Trump criticized Powell for not slashing interest rates. Investor concern over Fed independence initially spooked markets, but they recovered late in the day.

The S&P 500 gained 0.31%, while the Nasdaq rose 0.25%. Despite Trump's tariffs rattling markets earlier this year, recent record closes show enduring market strength. However, investor anxiety persists over potential changes at the Fed and how tariffs may impact inflation and interest rates.

(With inputs from agencies.)