US Stock Market Update: Dow Jones Industrial Average (DJIA)—one of the two American blue-chip indices—managed to keep about one-third of its intraday gains at the end of Wednesday’s session amid volatile trade, with investors hoping for easing of trade friction between the world’s two largest economy and US President Donald Trump signalling that his administration has no plans to remove Fed Chair Jerome Powell from his post before the end of his term due next year. Dow ended 419.6 points, or 1.1 per cent, higher at 39,606.6, having risen as much as 1,189.1 points, or 3.0 per cent, during the session.
The S&P 500 gained 99.7 points, or 1.9 per cent, to settle at 5,387.4 for the day while the technology stocks-heavy Nasdaq Composite closed 407.6 points, or 2.5 per cent, higher at 16,708.1.
Among American blue-chip stocks, Boeing, Amazon and NVIDIA surged 4-6 per cent, while Apple rose 2.4 per cent to settle at $204.6 apiece.
Smallcap index Russell 2000 gained 28.9 points, or 1.5 per cent, to settle at 1,919.1.
Donald Trump signals softer stance towards China
On Tuesday, the 47th US President said he is keen on taking a less confrontational stance in terms of America’s trade relation with China. The current 145 per cent tariff on Chinese imports is “very high”, he said, adding that “it won’t be anywhere near that high”.
However, it “won’t be zero” either, he said.
‘No interntion to fire Jerome Powell’
The Trump administration also mentioned “no intention” to fire the current Fed Chair. This eased growing uncertainty around a souring relationship between the US government and the American central bank, at a time when analysts are eyeing more reductions in COVID-era interest rates.
What drove gains on Wall Street?
Strong buying in pockets like technology, consumer discretionary, communication, industrials and financials led a broad-based upmove in the US market on Wednesday.
All eyes were also on the much-awaited release of the Fed Beige Book due after the trading hours.
This is a special report that provides a qualitative summary of the economic conditions in the world’s largest economy.
From Apple to Tesla to Amazon to JPMorgan, here’s how some of the American blue-chip stocks fared
| Stock | CMP ($) | Change (%) |
| Boeing Co | 172.4 | 6.1 |
| Amazon | 180.6 | 4.3 |
| NVIDIA Corp | 102.7 | 3.9 |
| American Express Co | 260.1 | 3.1 |
| Apple Inc | 204.6 | 2.4 |
| JPMorgan Chase & Co | 240.9 | 2.3 |
| Microsoft Corp | 374.4 | 2.1 |
| IBM | 245.5 | 1.9 |
| Goldman Sachs Group Inc | 529.3 | 1.8 |
| Intel Corp | 20.6 | 5.5 |
| Tesla Inc | 250.7 | 5.4 |
| Meta Platforms Inc | 520.3 | 4.0 |
| Alphabet Class A | 155.4 | 2.6 |
| Alphabet Class C | 157.7 | 2.5 |
| Apple Inc | 204.6 | 2.4 |
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