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Stocks rose Tuesday as traders tried to recover following a rough day on Wall Street, as President Donald Trump’s latest criticism of Federal Reserve Chair Jerome Powell hurt sentiment.
The Dow Jones Industrials recovered 696.58 points, or 1.8%, to 38,866.99.
The S&P index climbed 89.69 points, or 1.1%, to 5,247.89
The NASDAQ Composite spiked 315.2 points, or 2%, to 16,186.10
Tesla shares rose 3% ahead of the company’s first-quarter report after the bell. Netflix climbed 4%, while Meta improved 1% and Amazon advanced 2%. Manufacturing conglomerate 3M rose 6% on the back of better-than-expected earnings, leading the blue-chip Dow higher.
Tuesday’s action comes on the heels of a sharp selloff. The Dow dropped more than 970 points in the regular session, while the S&P 500 and NASDAQ both slid more than 2%. Monday marked the fourth straight losing session for the Dow and NASDAQ.
Investors grew increasingly uncertain after Trump posted on Truth Social that the economy would slow if the Fed did not cut interest rates. In the latest of multiple recent posts calling out Powell by name, he called the Fed chief “Mr. Too Late” and a “major loser.”
Trump hinted at Powell’s “termination” last week, an unprecedented action that White House economic advisor Kevin Hassett said the president’s team was currently studying. Powell has said he cannot be fired under law and intends to serve through the end of his term in May 2026.
Prices for the 10-year Treasury regained strength Tuesday, raising yields to 4.39% from Monday’s 4.41%. Treasury prices and yields in opposite directions.
Oil prices forged ahead $1.02 to $64.10 U.S. a barrel.
Prices for gold popped $18.00 to $3,443.30 U.S.