U.S. stocks ended higher on Wednesday after U.S. President Donald Trump tempered speculation about potential changes at the Federal Reserve.
The Dow Jones Industrial Average rose 231.49 points, or 0.53 percent, to 44,254.78. The The Standard and Poor's 500 gained 19.94 points, or 0.32 percent, to 6,263.70, while the Nasdaq Composite added 52.69 points, or 0.25 percent, to close at 20,730.49.
Eight of the 11 primary The Standard and Poor's 500 sectors advanced. Health care led the gains, up 1.22 percent, followed by real estate, which added 1.07 percent. On the other end, energy and communication services were the biggest laggards, falling 0.84 percent and 0.15 percent, respectively.
Markets briefly slipped earlier in the session following a media report citing a White House official saying Trump was considering firing Federal Reserve Chair Jerome Powell.
However, in later comments from the Oval Office, Trump stated he was "not planning" to dismiss Powell, despite continuing criticism of the Fed for not cutting rates more aggressively.
Adding to investor sentiment was a cooler-than-expected inflation report. The U.S. producer price index (PPI) for June came in flat on a monthly basis and increased 2.3 percent from a year earlier, both below economists' forecasts.
On the earnings front, results were mixed among major financial firms. Bank of America dipped 0.26 percent after it posted mixed results for the second quarter, beating estimates on earnings and missing on revenue.
Morgan Stanley declined 1.27 percent following its second-quarter results, while Goldman Sachs rose 0.9 percent as its trading operations generated 840 million U.S. dollars more in revenue than analysts had expected.
Johnson and Johnson surged 6.19 percent after posting better-than-expected earnings and raising its full-year guidance, making it the top performer on the Dow.
Major technology stocks saw mixed action. Tesla rose 3.5 percent, continuing its recent streak of volatility. Nvidia, Apple and Alphabet posted small gains. Amazon fell 1.4 percent, while Meta Platforms dropped about 1 percent. Microsoft and Broadcom were little changed.
U.S. stocks close higher after Trump denies plans to fire Fed chair
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
China, Lesotho to strengthen exchanges, advance cooperation
