Stocks reversed an early slide on Wall Street and finished broadly higher Wednesday, giving the market its second straight gain in a week of bumpy trading.
Big technology and communications companies, including Microsoft, Apple and Google parent Alphabet, led the rally as the market shrugged off an initial stumble. Banks took heavy losses following a sharp drop in bond yields.
Investors got in a buying mood after Treasury Secretary Steven Mnuchin gave a Senate subcommittee a promising update on the Trump administration’s efforts to reach a trade deal with Canada and Mexico. Markets also got a boost from reports that the White House plans to delay new tariffs on car and auto parts imports from Europe by up to six months.
“The market does not believe that the trade discord will be protracted or widen, nor lead to a worldwide economic slowdown, or worse yet, a global recession,” said Sam Stovall, chief investment strategist at CFRA.