The Dow, S&P 500 and Nasdaq Composite are on pace for a second day of gains after President Trump said he won’t fire Federal Reserve Chairman Jerome Powell after all, but he still pushed him to cut interest rates now.

Stocks closed solidly higher Wednesday, though well off their earlier highs, as investor concerns about tariffs and Federal Reserve independence eased following comments from President Donald Trump.

Remarks by President Trump and his Treasury secretary fueled a rebound in markets, highlighting how Wall Street is influenced by news about the White House’s policy intentions.

Stocks were holding onto sizable gains Wednesday as many investors cheered the possibility trade talks between the United States might at least start. At the same time, President Trump's announcement he wouldn't try to remove Federal Reserve Chairman Jerome Powell cheered the market,

Trump said he has "no intention of firing" Jerome Powell after repeatedly criticising the head of the central bank, but added that he would like Powell to be "a little more active" on cutting interest rates.