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Finance: Stocks climb as Trump softens his protectionist tone
PublishedBy: in Business Insider/FinanceApril 12, 2018

donald trump

Stocks jumped and Treasuries fell as President Donald Trump said the US might rejoin the TPP.

Stocks rose as President Donald Trump softened his tone on protectionist policies, suggesting the US could reenter the Trans-Pacific Partnership and that a trade war with China might not happen.

Dow Jones industrial average: 24,482.98 +293.53 (+1.21%)

S&P 500: 2,666.78 +22.76 (+0.86%)

AUD/USD: 0.7756 -0.0004 (-0.03%)

ASX 200 SPI futures: 5,811.5 +16.0 (+0.28%)

1. Stocks rose and Treasurys fell on news that the US may rejoin the Trans-Pacific Partnership. President Donald Trump told top economic advisers on Thursday to reexamine the deal he withdrew from shortly after taking office.

2. Trump also walked back recent threats that have unsettled markets. A US airstrike on Syria may not be imminent, he said in an early morning tweet. Later, he told Republican lawmakers that a trade war with China may not happen.

3. Oil prices held near three-year highs as investors weighed tensions in the Middle East against reports of higher production outside of the region.

4. Aluminum futures soared to a 6-year high as US sanctions on Russia set in. The sanctions, which target the world's second-largest aluminum producer, sent futures surging more than 4% at their highs.

5. Shares of Bed Bath & Beyond sank nearly 20% after the company issued a weaker-than-expected 2018 forecast.

Here is Friday's economic calendar:

  • The Reserve Bank of Australia's Financial Stability review will cross the wires at 9 p.m. ET.
  • China's trade balance is tentatively scheduled for release.
  • JPMorgan, Wells Fargo, and Citigroup will report first-quarter earnings ahead of Friday's opening bell.

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