Stocks make a stellar comeback, with the dow gaining 700 points from the previous session

Stocks Flat

After volatile session yesterday, stocks ended sharply higher as Wall Street erased massive losses earlier which later came after China’s announcement of the new Tariffs on U.S. goods sparked fears of a trade war.

The Dow Jones industrial average ended with 230.94 gains being sold at 24,264.30 rallying with more than 700 points from its lowest session low. Microsoft and IBM were the best-performing stocks in the index.

The S&P 500 regained a 1.6 percent drop to finish the session 1.2 percent higher at 2,644.69, led by gains in consumer stocks. The broad index also closed back above its 200-day moving average, which is an important technical level.

The Nasdaq composite ended the session with a 1.5 percent increase at 7,042.11 after plunging as much as 1.9 percent.

Stocks mounted their comeback as the White House tried to push back on the notion a trade war would breakout.

Trump’s chief economic advisor, Larry Kuhlow, stated “He wants to solve this with the least amount of pain… this is a growth action. I can’t emphasize that enough”

Apple helped in leading the gains in the market, with the company’s stock rising by as much as 1.9 percent. Chip stocks also bounced back, as Micron and Advanced Micro Devices climbing 3.6 percent and 2.3 percent respectively.

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