Dow soars more than 1,000 points amid relief rally

The stock market up sharply on Wednesday following news of a potential de-escalation in the trade war with China and after President Trump said he has no plans to oust Federal Reserve Chair Jerome Powell.

The Dow Jones Industrial Average soared over 1,000 points, or 2.6% in early trading, after making similar headway yesterday. The S&P 500 and tech-heavy Nasdaq Composite also made gains, climbing 168 points, or 3.2%, and 664 points or 4.1%, respectively.

The market will "more likely than not continue to be dictated by Trump's latest whims regarding tariffs and trade," said Tim Waterer, chief market analyst at KCM Trade.