Wall Street stocks rose on Wednesday, thanks to renewed hopes that U.S. President Donald Trump might lower tariffs on Chinese imports, and his statement that he does not intend to fire Federal Reserve Chairman Jerome Powell. The three main U.S. stock indices reduced their gains as the session closed.
The S&P 500 index rose by 85.82 points, or 1.62 percent, closing at 5,373.58 points.
The Nasdaq Composite Index rose by 398.42 points, or 2.50 percent, reaching 16,698.84 points.
The Dow Jones Industrial Average rose by 413.04 points, or 1.05 percent, reaching 39,600.02 points.
Stocks gained momentum during the session after Treasury Secretary Scott Pruitt stated that high tariffs between the U.S. and China are unsustainable, and Trump hinted at his openness to easing trade tensions between the world's two largest economies.
The first quarter profit season peaked, with 110 companies listed in the S&P 500 index announcing their financial results, and among these companies, 75 percent exceeded Wall Street estimates.
Analysts now expect overall earnings growth for the S&P 500 index of 8.4 percent for the period from January to March, up from 8.0 percent on April 1.
Tesla's shares jumped after CEO Elon Musk stated that he would significantly reduce his work with the Trump administration to dedicate more time to managing his companies; however, the electric car manufacturer recorded a 71 percent decline in quarterly net profit.
Boeing reported a lower-than-expected quarterly loss, as the aircraft manufacturer produced and delivered more planes, leading to a rise in its shares.