Topline
The stock and cryptocurrency market comeback from the tariff crash was in full swing Thursday, as President Donald Trump expanded investors’ risk appetite.
Stocks have recovered all of their “Liberation Day” losses and then some.
Key Facts
You better go out and buy stock now,” Trump said Thursday from the Oval Office.
That direct encouragement accelerated an equity market rally which began as the president showed further inclination to back off of his most aggressive trade war plans and brandished a new trade deal with the U.K., the first such agreement of his second term.
All three primary barometers of the U.S. stock market surged to multi week highs, as the Dow Jones Industrial Average hit its highest level since April 2, the S&P 500 notched its top price since March 27 and the tech-heavy Nasdaq touched its highest level since March 26.
The Dow rose 580 points, or 1.4%, by 12:15 p.m. EDT, while the S&P climbed 1.4% and the Nasdaq popped 1.8%.
Trump’s encouragement to buy stocks mirrored his messaging ahead of the 90-day pause he placed last month on the most aggressive of his country-by-country tariffs.
Bitcoin Breaks $100,000 In Crypto Boom
Digital assets rode optimism of trade war deescalation to solid gains, as the three most valuable tokens – bitcoin, ether and XRP – each rose at least 3.9% in the 24-hour period ending midday Thursday. Bitcoin, by far the most valuable crypto asset, topped $100,000 for the first time since Feb. 4 during the rally.
Tesla Stock, Magnificent 7 Lead Rally
All but one of the S&P’s 13 sectors gained Thursday, but it was the “magnificent seven” grouping of big tech companies championing the rally. Shares of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla were all up at least 1%, led by Tesla’s 5% gain, as the growth-focused septet enjoyed Wall Street’s move to risk.
