Here`s Reuters`s report on Wall Street`s surprise rebound:
Wall Street`s three major indexes staged a comeback to close around 1 percent higher on Wednesday as investors turned their focus to earnings and away from a trade conflict between the United States and China that wreaked havoc in earlier trading.
After investors fled equities in the morning due to proposed retaliatory tariffs from China, their concerns about a potential trade war eased by the afternoon after Trump`s top economic adviser Larry Kudlow said the administration was in a [negotiation" with China rather than a trade war.
Investors said they were comforted by the fact that any tariffs would not take effect immediately, if at all. Strategists also cited the S&P`s bounce above a key technical support level and said they expect equities to rise further around the first quarter earnings season, due to start in mid-April.
[We`re starting to feel that while markets hate uncertainty, Trump`s bark is worse than his bite when it comes to trade," said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas.
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