Oct. 31 (UPI) — The Dow Jones Industrial Average climbed more than 400 points Tuesday after U.S. President Donald Trump helped ease concerns over trade with China.
The Dow rose 432 points, or 1.7 percent, as Boeing, Goldman Sachs and McDonald’s stocks all outperformed expectations.
On Monday, the Dow fell nearly 250 points amid reports more tariffs on Chinese goods could be coming before the end of the year, but Trump eased trade fears on Tuesday, saying he was willing to negotiate a deal with China.
The S&P 500 also bounced back, up about 1.5 percent. Rising Intel and Comcast shares helped make up for a second consecutive day of Amazon losses, allowing the Nasdaq to increase 1.5 percent.
Tuesday’s gains come amid a difficult October for the stock market, as the Dow has fallen 7.6 percent, the S&P 500 dropped 9.4 percent for the month and the Nasdaq is down 12.4 percent, according to MarketWatch.
The S&P 500 closed in correction territory Tuesday, 10.2 percent below its record.
“Obviously we’re in a correction phase of the stock market and I think investors have to realize that,” Bruce Bittles, chief investment strategist at Baird, told CNBC. “The monetary environment has changed. As you can see, even with a 10 percent change in the stock markets, interest rates have barely moved lower.”
The S&P has matched its record for the most down days since 2008 and two more such days would leave it with 17, the most in a month since April 1970.
