Wall Street ends higher on hopes of trade war de-escalation

The Dow Jones Industrial Average rose 419.59 points, or 1.07 per cent, to 39,606.57, the S&P 500 gained 88.10 points, or 1.67 per cent, to 5,375.86 and the Nasdaq Composite gained 407.63 points, or 2.50 per cent, to 16,708.05.

Among the 11 major sectors of the S&P 500, tech and consumer discretionary notched the biggest percentage gains, while consumer staples and energy lagged. On the economic front, S&P Global’s advance “flash” April purchasing managers’ index showed business activity losing momentum and companies charging higher prices for goods and services amid mounting uncertainties.

“You’re going to be hard pressed to find an economist who thinks that this level of tariffs and trade protectionism is a good idea,” Mayfield said. A Reuters/Ipsos poll showed just 37 per cent of respondents approve Trump’s handling of the economy, souring significantly from 42 per cent immediately following his inauguration, where he promised to “supercharge the economy”.