April 8 (UPI) — The U.S. stock market was on the rise Tuesday, after investors rode out a Monday when numbers were headed into bear market territory.
Numbers have sunk a bit since an initial jump, but overall the Dow Jones Industrial Average still remains up at 38,914.01 points by noon EDT, an increase of 948.41 points, or 2.5%, although it had risen earlier as high as 39, 374.61 points at 10:40 a.m.
The S&P 500 has so far rebounded to 2.14% and the Nasdaq Composite is up 2.47% so far.
Trump had posted to his Truth Social account Tuesday before 10 a.m., and announced, “I just had a great call with the Acting President of South Korea,” and that “China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call.”
The jump-up for stocks also applied to foreign markets. Japan’s benchmark Nikkei 225, which tracks over 200 of the country’s biggest listed companies, closed 6% up, while in South Korea, the Kospi wrapped at 0.3% higher.
Australia’s benchmark ASX 200 closed 2.3% upwards, as did Hong Kong’s benchmark Hang Seng Index, which combines Hong Kong and mainland China’s largest listed companies, with a finish of about 1.5% higher Tuesday. It had closed more than 13% lower on the day Monday, in the largest daily decline for the index since the 1997 Asian fiscal crisis.
In Europe, the benchmark STOXX 600 index had risen 2.7%. France’s CAC index went up 2.5% as did Germany’s DAX at 2.4%, while London’s FTSE 100 index also went upwards with a 2.6%.
Treasury Secretary Scott Bessent posted to x Monday that “almost 70 countries have now approached us wanting to help rebalance global trade,” and told CNBC Tuesday that the same amount of countries have approached the U.S. for tariff negotiations.
“If they come to the table with solid proposals,” he said, “I think we can end up with some good deals.And part of the calculus of that may be that some part of the tariffs stay on.”
The positive direction of the U.S. stock market early Tuesday is a far cry from Monday’s downward day. Monday marked the highest trading volume for American markets in at least 18 years, at around 29 billion shares. The 30-stock Dow Jones Industrial Average sunk by over 1,700 points at one point. Before the day was over, the index swung 2,595 points, and the blue-chip index eventually closed down by 349 points, or 0.9%.
The S&P 500 temporarily entered bear market territory at the lows of Monday’s session, down more than 20% from its record, but rebounded and finished the session slightly lower. The benchmark lost 10% in two days to end last week, its worst losses since 2020 during the COVID outbreak, on fears that the tariffs Trump imposed upon dozens of nations on his “Liberation Day” could lead to a recession.
