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US stock indices jumped at the open on Wednesday after President Donald Trump said he has no plans to remove Federal Reserve Chair Jerome Powell and on hopes for a trade deal with China.
At the opening bell, the Dow Jones Industrial Average rose 628.0 points, or 1.60%, to 39,815.01. The S&P 500 rose 108.2 points, or 2.05%, to 5,395.92, while the Nasdaq Composite rose 579.9 points, or 3.56%, to 16,880.29.
After days of criticism of Federal Reserve Chair Powell for not cutting interest rates, President Trump on Tuesday backed off from threats to fire Powell. The US president also signalled progress with China on the tariffs deal, but also warned that "if they don't make a deal, we'll set the deal".
Bullion
Gold prices on Wednesday retreated from its record high.
Spot gold slipped 2.2% at $3,305.79 an ounce by 09:23 AM ET (1323 GMT), after hitting a record high of $3,500.05 in the previous session. US gold futures dropped 2.9% to $3,320.40.
Silver rose 1% to $32.83 an ounce, platinum gained about 0.9% to $967.61 and palladium rose 0.6% to $941.04.
