New York
CNN
—
Treasury Secretary Scott Bessent told investors Tuesday that the US-China trade war is unsustainable and he expects the battle to de-escalate, a person familiar with the matter confirmed to CNN, giving a boost to a Wall Street rally that had taken shape this morning.
The Dow closed higher by 1,017 points, or 2.66%. The S&P 500 rose 2.51% and the tech-heavy Nasdaq gained 2.71%. The rebound helped recover the market’s losses on Monday, when a major sell-off gripped Wall Street.
US stocks had broadly gained Tuesday as investors waded into the market after the steep Monday sell-off. Stocks extended their gains midday after Bessent told investors at a closed-door event hosted by JPMorgan Chase that he expects de-escalation in the trade spat with China. The event was first reported by Bloomberg.
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