Canadian and U.S. stock markets soar in early trading after Trump comments

A trader works on the floor of the New York Stock Exchange, Tuesday, April 22, 2025. (AP Photo/Richard Drew)

TORONTO — Stock markets in Canada and the U.S. soared in early trading after U.S. President Donald Trump said he would not attempt to fire the head of the U.S. Federal Reserve.

Trump said Tuesday he had no intention of firing Jerome Powell. The U.S. president had previously insinuated otherwise as he said he could fire Powell if he wanted to.

Markets also reacted to comments from U.S. Treasury Secretary Scott Bessent who said the ongoing tariffs showdown with China is unsustainable and he expects a “de-escalation” in the trade war.

The S&P/TSX composite index was up 298.41 points at 24,604.39.

In New York, the Dow Jones industrial average was up 1,005.87 points at 40,192.85.

The S&P 500 index was up 158.47 points at 5,446.23, while the Nasdaq composite was up 606.82 points at 16,907.24.

With files from The Associated Press

This report by The Canadian Press was first published April 23, 2025.