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US stocks gained on Tuesday, with the Dow Jones Industrial Average (^DJI) rising back above 44,000 and the S&P 500 topping the 6,000 level as investors digested President Donald Trump’s first policy moves, with promised tariffs on Mexico and Canada front of mind.
The Dow led stocks higher, with the index rising more than 500 points, up over 1.2%, on the heels of solid earnings from 3M Company (MMM).
The benchmark S&P 500 (^GSPC) moved up nearly 0.9%, while the Nasdaq Composite (^IXIC) climbed about 0.6% despite wobbly performances from Tesla (TSLA) and Apple (AAPL). Nvidia (NVDA) shares inched up more than 2% after a shaky start to the session.
Wall Street braced for volatility as the new president storms ahead with executive orders and actions, with energy and trade center stage. Tuesday was the first day of trading in Trump’s second term, as US markets were closed Monday for the Martin Luther King Jr. holiday.
Markets got a dose of relief as Trump held off from firing off the barrage of universal tariff hikes expected by many on his first day in office. But Trump then hinted late Monday that he was looking at imposing 25% duties for Mexico and Canada starting Feb. 1.
Meanwhile, the 10-year Treasury yield (^TNX) fell about 4 basis points to around 4.57% on Tuesday, recovering somewhat from a deeper drop in Asia trading.
The next batch of quarterly earnings will provide more food for thought for investors. Netflix (NFLX) is expected to deliver strong results when it reports after the bell.
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