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U.S. stocks closed with back-to-back gains on Wednesday, though the Dow Jones Industrial Average erased much of its 1,000-plus-point gain seen earlier in the session after a rally sparked by hopes of easing U.S.-China trade tensions faded.
The Dow Jones Industrial Average rose 419.59 points, or 1.1%, to end at 39,606.57, based on preliminary data. It had jumped by as much as 1,189.13 points to a session high of 40,376.11.
The S&P 500 finished up by 88.10 points, or 1.7%, at 5,375.86.
The Nasdaq Composite rose 407.63 points, or 2.5%, to end at 16,708.05.
Those are the highest closing levels for the S&P 500 and Nasdaq Composite since April 15.
On Wednesday, Treasury Secretary Scott Bessent told reporters there was no unilateral offer from President Donald Trump to reduce tariffs against China. Earlier in the day, the Wall Street Journal reported the Trump administration was considering slashing its tariffs on Chinese goods, but that the president hadn't made a final decision.
Gold suffered its biggest one-day drop in nearly four years Wednesday, raising questions about whether a torrid rally driven by anxiety over President Trump’s trade policies can continue as the administration appeared to take a more conciliatory approach.
The precious metal had climbed in grand scale this year, culminating in a rise past $3,500 an ounce this week, before support for prices appeared to suddenly give way.
Losses for gold intensified Wednesday, with prices down $125.30, or 3.7%, to settle at $3,294.10. Prices marked their largest daily percentage decrease since June 17, 2021, according to an analysis of FactSet data conducted by Dow Jones Market Data.
Crude oil inventories in the US rose by 244,000 barrels in the week that ended April 18th, contrasting with market expectations of a 700,000 barrel draw, to mark the fourth consecutive week of inventory build in the country, according to data from the EIA Petroleum Status Report.
On the other hand, stocks in the Cushing, Oklahoma, delivery hub eased by 86,000 barrels.
Among refined fuels, gasoline stocks plummeted by 4.5 million barrels and stocks of distillate fuels sank by 2.3 million barrels, both well above expectations.
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