After US Treasury Secretary Scott Bessent stated a trade war with China is unsustainable, Wall Street experienced significant gains. Comments from President Trump indicated he would not pursue firing Federal Reserve Chair Jerome Powell, which helped ease market concerns. Trump's desire for the Fed to lower interest rates was clear, reflecting his economic policy stance. Overall, positive sentiments regarding a potential trade deal with China contributed to heightened investor confidence, resulting in notable increases in major stock indices.
"I have no intention of firing him, Trump told reporters at the White House. I would like to see him be a little more active in terms of his idea to lower interest rates."
"US Treasury Secretary Scott Bessent told an investors conference that a trade war with China was unsustainable and he expected the sides to de-escalate tensions and reach a deal at some point."
"Following Bessent's remarks, White House Press Secretary Karoline Leavitt said the Trump administration was setting the stage for a deal with China and doing very well in making progress towards an agreement."
"US stock futures surged following Trump's comments, with contracts linked to the benchmark S&P 500 and tech-heavy Nasdaq-100 rising more than 1.70 percent and 1.90 percent, respectively."
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