U.S. stocks were surging across the board on the first trading day of President Donald Trump’s second term in office as Wall Street digested his first-day actions around tariffs.
The Dow Jones Industrial Average was rising 430 points, or 1%, to trade at around 43,919 as of 1:50 p.m. Eastern time, according to FactSet data.
The S&P 500 was up 0.8%, at around 6,045.
The Nasdaq Composite was surging 0.7%, at 19,770.
Trump’s decision to not immediately announce a swath of tariffs on U.S. imports pumped up the market sentiment on Tuesday, with stocks “back to chasing empty promises,” said Callie Cox, chief market strategist at Ritholtz Wealth Management.
“I’m not saying that the threat of tariffs is behind us, but after a perilous two and a half months of wondering what this administration will do, we’ve finally arrived. It’s time to see what speculation was founded and what was just nonsense,” Cox said in emailed commentary on Tuesday.
Wall Street Journal reported on Monday that Trump will sign a memorandum to study trade policies but stop short of imposing new levies. The ICE U.S. Dollar Index, a measure of the greenback’s strength against a basket of six rivals, was falling 1.3% on Tuesday, according to FactSet data.