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U.S. stocks finished higher on Tuesday as Wall Street wrapped up the first trading day of President Donald Trump's second term in office on a positive note.
The Dow Jones Industrial Average rose more than 500 points, or 1.2%, to end near 44,026, according to preliminary data from FactSet.
The S&P 500 was up 0.9%, to finish around 6,049.
The Nasdaq Composite surged 0.6%, ending around 19,756.
Investors on Tuesday welcomed Trump’s calmer-than-expected tone on tariffs. Trump said on Monday his administration "will tariff and tax foreign countries to enrich our citizens,” but he didn’t appear set to follow through on an earlier threat to impose 25% tariffs on imports from Mexico and Canada, as well as an additional 10% tariff on imports from China.
Wall Street has feared that a swath of tariffs on U.S. imports could lead to a resurgence of inflation, which could harm the government-debt market and send interest rates higher again. Treasury yields ended mostly lower on Tuesday, with the 10-year rate finishing at its lowest since Dec. 30, according to FactSet data.
Donald Trump was sworn in as the 47th president of the US yesterday, and he didn’t take long after removing the “-elect” from his title to unleash a number of actions intended to reshape the country’s economy while under his watch. President Trump on Monday pardoned members of the mob that attacked the Capitol on Jan. 6, 2021, and signed dozens of executive orders addressing the first priorities of his administration.
Energy/climate: Trump will once again remove the US from the Paris climate agreement as part of a series of actions promoting fossil fuel use and reducing government support of renewable energy. In his first term, Trump withdrew the US from the agreement, which was signed by nearly 200 countries in 2015 to keep warming of the planet under control, before former President Biden reinstated it in 2021. The United States is the only country to have removed itself from the Paris accords.
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