Stocks in the US advanced on Thursday following updates on US tariff plans helped ease concerns over inflationary pressures and global trade tensions., brushing off hotter-than-expected inflation data.
The S&P 500 climbed 0.8%, the Nasdaq 100 gained 1%, and the Dow Jones Industrial Average surged over 300 points, or 0.7%.
President Trump signed a memorandum to review reciprocal tariffs on foreign nations but stopped short of imposing any levies.
He also hinted at potential additional tariffs, including on auto imports.
The producer price index (PPI) rose 0.4% in January, surpassing forecasts, but key components feeding into the Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index, indicated easing price pressures.
Big tech led the rally, with Tesla soaring more than 4%, Nvidia rising 3%, and Apple advancing 2.1% after CEO Tim Cook teased an upcoming product launch.
