U.S. stocks climbed on Tuesday after a sell-off in the prior session.
The Dow Jones Industrial Average was up more than 800 points, or 2.1%, while the S&P 500 and Nasdaq Composite climbed 2.1% and 2.4%, respectively.
Stocks fell on Monday as investors watched for signs of progress on trade talks, and after President
Donald Trump continued criticizing Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrial Average dropped 971.82 points, or 2.48%, while the S&P 500 and Nasdaq Composite were down 2.36% and 2.55%, respectively.
Trump, in a post on Truth Social, attacked Powell and claimed energy costs and food prices are “substantially lower” and that there is “virtually No Inflation.”
“With these costs trending down so nicely, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump said.
The president’s comments come after he said in a Truth Social post last week that Powell is “always TOO LATE AND WRONG” and that, “Powell’s termination cannot come fast enough.”
Trump’s repeated criticisms of Powell and the Fed have raised concerns about the long-term independence of the central bank as it makes monetary policy decisions.