Markets also reacted to comments from the U.S. Treasury Secretary who said the ongoing tariffs showdown with China is unsustainable
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The Canadian Press
Published Apr 23, 2025
Last updated 5hours ago
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Stock markets in Canada and the U.S. soared in early trading after U.S. President Donald Trump said he would not attempt to fire the head of the Federal Reserve.
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Trump said Tuesday he had no intention of firing Jerome Powell. The U.S. president had previously insinuated otherwise as he said he could fire Powell if he wanted to.
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Markets also reacted to comments from U.S. Treasury Secretary Scott Bessent who said the ongoing tariffs showdown with China is unsustainable and he expects a “de-escalation” in the trade war.
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The S&P/TSX composite index was up 298.41 points at 24,604.39.
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In New York, the Dow Jones industrial average was up 1,005.87 points at 40,192.85.
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The S&P 500 index was up 158.47 points at 5,446.23, while the Nasdaq composite was up 606.82 points at 16,907.24.
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— With files from The Associated Press
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