NEW YORK, April 29 (Xinhua) -- U.S. stocks climbed on Tuesday after the White House indicated that a major trade agreement could soon be finalized.
The Dow Jones Industrial Average rose 300.03 points, or 0.75 percent, to close at 40,527.62. The S&P 500 gained 32.08 points, or 0.58 percent, to finish at 5,560.83, while the Nasdaq Composite Index added 95.18 points, or 0.55 percent, ending the session at 17,461.32.
Ten of the eleven major S&P 500 sectors ended higher, led by financials and materials, which advanced 0.97 percent and 0.92 percent, respectively. Energy was the lone sector in the red, slipping 0.37 percent.
"I have a deal done, done, done, done, but I need to wait for their prime minister and their parliament to give its approval, which I expect shortly," U.S. Commerce Secretary Howard Lutnick told the media in the afternoon, without naming the country.
Shares of companies heavily impacted by trade tensions, such as Apple, recovered from earlier declines by ending 0.51 percent higher. General Motors was 0.64 percent lower, as it announced Tuesday morning that it would reassess its future guidance and suspend share buybacks while awaiting more clarity on the effects of new tariffs.
Amazon shares also reversed course before it closed 0.17 percent lower after the company clarified that it would not move forward with a plan to display tariff surcharges on its discount platform, Amazon Haul. Earlier, the stock dipped after White House Press Secretary Karoline Leavitt warned that implementing such surcharges would be seen as a "hostile and political act."
"I don't know that there's much that could come out from this earnings quarter that would materially impact markets to the upside or downside," said Ross Mayfield, investment strategist at Baird. "We're in a policy-induced sell-off and potential recession, and it's going to take a policy change to get us out of there."
Elsewhere, economic data painted a more cautious picture. The U.S. consumer confidence index by The Conference Board fell by 7.9 points in April to 86, and a separate report by the U.S. Labor Department showed March job openings declined in the country, suggesting some softening in the labor market ahead of the latest round of trade turmoil.
U.S. Treasury yields retreated, with the yield on the 10-year Treasury note falling to 4.175 percent as of 4:15 p.m. EDT, down from 4.22 percent the previous day, marking its lowest level in three weeks.
