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US stocks close higher on optimism from Trump's presidency

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US stocks close higher on optimism from Trump's presidency

2025-01-22 14:22 Last Updated At:14:37

U.S. stocks ended higher on Tuesday, as markets reacted to optimistic corporate earnings and a pause in tariff announcements from U.S. President Donald Trump following his return to the White House.

The Dow Jones Industrial Average rose 537.98 points, or 1.24 percent, to 44,025.81. The S and P 500 added 52.58 points, or 0.88 percent, to 6,049.24. The Nasdaq Composite Index increased 126.58 points, or 0.64 percent, to 19,756.78.

Ten of the 11 primary S and P 500 sectors ended in green, with industrials and real estate leading the gainers by going up 2.03 percent and 1.83 percent, respectively. Meanwhile, energy bucked the trend by losing 0.64 percent.

Trump's decision to delay the implementation of tariffs provided relief to U.S. manufacturers dependent on imported goods. General Motors shares surged 5.73 percent after an analyst hinted at "positive surprises" under the new administration, while Charles Schwab posted a 5.92 percent gain on the back of a 76 percent jump in quarterly profits. Materials giant 3M saw its stock climb 4.16 percent after forecasting growth in sales and profit for the year.

Despite the initial market reaction, Trump indicated he might still impose universal tariffs, with a 25 percent levy on Canadian and Mexican imports slated to begin on Feb 1. Additionally, his first day in office saw a flurry of executive orders targeting border, energy, and diversity policies, signaling swift policy changes that could influence market dynamics in the weeks ahead.

President Trump's Inauguration Day policy announcements on tariffs were more benign than expected, said Alec Phillips, chief U.S. political economist at Goldman Sachs, in a note to clients. For now, it is a lower priority than they would have expected, he added.

The benchmark 10-year U.S. Treasury yield dropped 3.7 basis points to 4.573 percent, marking its lowest close since Dec 30, according to Dow Jones Market Data recorded at 15:00 Eastern Time.

Investors are turning their attention to the next round of quarterly earnings, with Netflix set to announce its earnings after the market closes. Right now, earnings are almost the undercurrent of the stock market, and policy is taking center stage, Ritholtz Wealth Management chief markets strategist Callie Cox said.

US stocks close higher on optimism from Trump's presidency

US stocks close higher on optimism from Trump's presidency

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Rescuers racing against time to find survivors after fatal landslide in Sichuan

2025-02-10 14:08 Last Updated At:14:37

Rescuers are racing against time to find any survivors after a deadly landslide struck a village in Junlian County of southwest China's Sichuan Province on Saturday, leaving one person dead, two injured and 28 others missing.

The landslide occurred at about 11:50 on Saturday in Jinping Village of the county in Yibin City of the province. In response, authorities have deployed over 900 personnel and sets of advanced equipment, including excavators and radar systems, to assist in the search and rescue efforts.

The landslide, which stretches over one kilometer long, continues to pose risks as rocks have kept falling from the unstable slope above. The rescue workers remain fully committed to locating any missing people while simultaneously working to prevent secondary disasters and enhance hazard identification.

"We're currently doing excavation to make an emergency evacuation passage. The unfavorable weather presents potential risks to our emergency operations, so we are using 3D laser scanners and a slope radar to monitor e stability of the entire landslide mass. If any instability is detected, we can issue immediate warnings to ensure our team evacuates the area promptly," said Feng Weijie, a member of the China Anneng Construction Group's rescue team.

Emergency communications remain critical to the rescue efforts. Telecom operators have deployed equipment to restore network functionality in the affected area.

"We immediately dispatched satellite vehicles to the site and rushed to repair the damaged base stations there to make them operational again. Meanwhile, they are providing free broadband services there to ensure that the rescue teams can maintain normal communication with the outside world," said Di Wei, general manager of China Telecom Yibin Branch.

Local villagers have volunteered to prepare meals for the rescue workers, expressing their gratitude for the teams' unwavering dedication in their search for the missing people.

"All these women have come here to help. They're from other villages," said a local resident.

Beyond providing hot meals, volunteers have set up tents along routes to assist incoming rescue teams.

"Three tents have been set up here, with more volunteers ahead [to support the rescue work]. We'll stay wherever we're needed. We won't leave until the rescue mission is completed," other local villagers said.

The Ministry of Transport reported that following the landslide in Junlian County, they have opened 247 emergency response green lanes to ensure free passage for rescue vehicles while providing free food and medicine to the affected area.

Rescuers racing against time to find survivors after fatal landslide in Sichuan

Rescuers racing against time to find survivors after fatal landslide in Sichuan

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