US stocks rose on Tuesday, the first trading day of President Trump's second term, after more companies said they made bigger profits at the end of last year than analysts expected and as Treasury yields eased.
- The S&P 500 rose 52.58 points, or 0.9%, to 6,049.24.
- The Dow Jones Industrial Average rose 537.98 points, or 1.2%, to 44,025.81.
- The Nasdaq composite rose 126.58 points, or 0.6%, to 19,756.78 .
Trump has promised sweeping moves to reshape global trade and the economy, often at other countries' expense, but stock indexes in Asia and Europe mostly made only modest moves, the
AP reports. Bitcoin pulled back below $107,000 from its record above $109,000 set on Monday.
Charles Schwab rose 5.9% after delivering a better profit report for the end of 2024 than analysts expected. It credited clients pouring more dollars in, as its total client assets rose 19% from a year earlier to $10.10 trillion. 3M climbed 4.2% after reporting profit and revenue for the end of 2024 that edged past analysts' expectations. The company behind Scotch tape also gave forecasts for financial results in 2025 that were roughly in line with analysts' expectations. The gains for Schwab and 3M helped offset a 9.2% drop for Walgreen Boots Alliance. The Justice Department accused Walgreens late Friday of filling millions of prescriptions without a legitimate purpose, including for dangerous amounts of opioids.
US Treasury yields eased in the bond market, giving back some of their big recent gains that cranked up the pressure on stock markets worldwide. In the foreign-currency market, the values of both the Mexican peso and Canadian dollar fell against the US dollar after Trump said he expects to put 25% tariffs on goods from Canada and Mexico starting on Feb. 1. Trump had threatened to place even stiffer tariffs on Chinese imports during his campaign, but he said Monday he wanted to have more discussions with the leader of the world's second-largest economy. (More stock market stories.)
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