But stocks came off of their highs by afternoon trading after US Treasury Secretary Scott Bessent reportedly said in a private speech for JPMorgan Chase that talks between the United States and China had yet to formally start and that negotiations will likely be a "slog."
The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) were each up over 1.5%, while the tech-heavy Nasdaq (^IXIC) added over 1.8%.
Prior to those reported comments, stocks hit earlier session highs as Bloomberg reported Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that "the tariff standoff with China is unsustainable and that he expects the situation to de-escalate."
