Stocks Surge As Trump Softens On China Tariffs—S&P 500 Heads To 2nd-Biggest Gain Since 2022

Stocks rocketed Wednesday as President Donald Trump appeared to back off some of his stances most disliked by Wall Street, including more than 100% tariffs on Chinese imports and the firing of Federal Reserve Chairman Jerome Powell, as the market continues to swing wildly on the latest policy leanings of Trump.