Stocks rose on Wednesday on news that President Donald Trump plans to delay the implementation of auto tariffs.
The Dow Jones Industrial Average traded up 156 points after falling as much as 190 points earlier in the session. The S&P 500 gained 0.7% while the Nasdaq Composite rose 1.2%.
Other stocks lifting the market included Boeing and Alphabet. Boeing shares rose 1.1% after the Federal Aviation Administration said it expects the aerospace giant to submit its software fix for the 737 Max plane soon. Alphabet, meanwhile gained 3.4% after Deutsche Bank raised its price target on the tech giant to $1,400 from $1,300.
Equities initially fell after the release of weaker-than-expected economic data stoked fears that the U.S.-China trade war is dragging down global economic growth.
U.S. retail sales fell 0.2% in April, the Commerce Department said Wednesday. Economists polled by Dow Jones expected an increase of 0.2%.
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