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00:00U.S. stocks closed solidly in positive territory on Tuesday after seesawing between modest gains and losses in choppy trading as investors assessed the latest round of corporate earnings, economy data and changes on the trade policy front.
00:16U.S. Treasury Secretary Scott Besson predicted China could lose 10 million jobs quickly due to tariffs but signaled progress on trade deals with other countries including Japan and India.
00:30The world's two largest economies have been at the centre of a global trade war sparked by tariff announcements on April 2nd by the Trump administration on countries around the globe which has stoked investor concerns about rapidly slowing global growth and rekindling of price pressures.
00:46Commerce Secretary Howard Lutnik said U.S. President Donald Trump will sign an order on Tuesday giving automakers building vehicles in the U.S. relief from part of his new 25% vehicle tariffs to allow them to bring parts supply chains back home.
01:02The blue chip dough has led by gains in Honeywell which jumped after reporting a rise in adjusted profit for the first quarter and paint maker Sherwin-Williams which rallied after its quarterly profit beat estimates.
01:15The market today has been whipping around a little bit initially wanted to open lower but after Scott Besson's comments it seemed to get a little bit better so I think the market tends to react well to Besson for some reason.
01:30I think they trust him more than maybe some other people in the administration and then following along with we are still in earnings season some companies actually did pretty good which is great.
01:41Others cannot give commentary on guidance which is also interesting but so far so good for today.
01:49So I think in general regarding earnings, earnings growth has actually been pretty good for this quarter.
01:54It's up about 10% which would be the second straight double-digit quarter in terms of earnings growth.
01:59I just think that outside of that given all that's happened from a top-down perspective, this quarter's numbers really aren't as important as the commentary looking forward.
02:09So we have had companies like GM, UPS, Skechers even just not being able to give guidance and I think that's problematic for the market.
02:16It's something that we're going to have to wrestle with because as you know we love certainty.
02:20According to preliminary data, the S&P 500 gained 31.93 points or 0.56% to end at 5,560.68 points while the Nasdaq Composite gained 93.33 points or 0.54% to 17,459.46.
02:41The Dow Jones Industrial Average rose 289.91 points or 0.72% to 40,517.50.