U.S. stocks gained ground on Wednesday after a report that President Donald Trump was set to delay a decision to impose auto tariffs, offering respite to markets worried about slowing global growth after a batch of weak economic data.
The deadline to decide on tariffs is May 18, but Trump is expected to delay it by up to six months, sources told Reuters. Automakers Ford Motor Co, and General Motors Co gained about 1% on the news.
Meanwhile, Treasury Secretary Steven Mnuchin said he will likely travel to Beijing soon to continue trade talks with China.
“We got some support from Mnuchin comments and then auto tariffs, that is a positive development as there was fear that tariffs would stretch to auto imports,” said Paul Brigandi, managing director of portfolio management at Direxion Funds in New York.
Concerns that the trade dispute…