US stocks have wiped out their losses so far this year, as Tuesday’s lower than expected inflation figures added fuel to a rally sparked by President Donald Trump’s deal with China to cut tariffs.
The S&P 500 closed 0.7 per cent higher after data showing US inflation unexpectedly fell to 2.3 per cent in April. The move extended a strong rebound this month and left the Wall Street benchmark 0.1 per cent higher for 2025.
Rising trade tensions had already hurt US stocks before Trump’s sweeping “liberation day” tariff announcements on April 2 sent the S&P tumbling — with the index down as much as 15 per cent in 2025 — as investors dumped US assets and slashed their forecasts for economic growth.
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