U.S. President Donald Trump continued his conciliatory remarks on tariff policies and interest rate cuts as the New York stock market rose on the 23rd (local time).
On that day, the Dow Jones Industrial Average closed 419.59 points (1.07%) higher at 39,606.57. The Standard and Poor's (S&P) 500 index rose 88.10 points (1.67%) to close at 5,375.86, while the tech-heavy Nasdaq composite index finished 407.63 points (2.50%) higher at 16,708.05.
The market paid attention to President Trump's comments. He noted after the New York stock market closed the previous day that he has "no intention of dismissing Chairman Powell" and added that he hopes Powell will be "more proactive" about interest rate cut ideas. Concerns over the independence of the Central Bank diminished following these remarks.
President Trump also mentioned that the 145% tariff rate imposed on China is "very high," suggesting that he could lower tariffs on China depending on the progress of negotiations. However, on that day, U.S. Treasury Secretary Scott Vance said in a meeting with reporters that President Trump did not propose unilaterally lowering tariffs on China, resulting in a partial reduction in stock index gains.
The rise in stock prices that day was concentrated in large technology stocks. Tesla's shares rose 5.4% after Chief Executive Officer Elon Musk stated he would reduce government duties starting next month to focus on Tesla management. Apple and Meta Platforms, the parent company of Facebook, each rose 2.4% and 4.0% despite news of penalty surcharges imposed by the European Union (EU).