##  [# Trump's Comments Help S&P 500 Test Key Level](/sections/news/trumps-comments-help-sp-500-test-key-level) 

 

# Trump's Comments Help S&P 500 Test Key Level

 

 

\- The S&P 500 tested resistance on Wednesday following comments from President Trump.  
\- Gains faded by midday as technical traders took profits.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Apr 23, 2025

 Edited by: David Tony

 

 

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The S&amp;P 500 tested a key resistance level on Wednesday before pulling back slightly, as investors digested a wave of market-friendly comments from President Donald Trump.

Speaking from the Oval Office late Tuesday, Trump [signaled](https://www.wsj.com/video/president-trump-says-tariffs-with-china-will-come-down-substantially/654BE22C-4232-48F3-8F62-1A6E709F2C31.html) a softer stance on trade with China, stating that tariffs on Chinese goods would “come down substantially.”

“145% is very high, and it won’t be that high,” he said. “It won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.”

Asked if he planned to take a hardline approach with China on trade, Trump simply replied, “No.”

Markets were further buoyed by the president’s comments on Federal Reserve Chair Jerome Powell. After recently criticizing Powell for not cutting rates, Trump struck a more conciliatory tone, saying he has “no intention” of firing the Fed chair.

“I would like to see him be a little more active in terms of his idea to lower interest rates,” Trump said. “This is a perfect time to lower interest rates.”

## SPY Gains During Broad Rally

The dovish remarks on both trade and the Fed sparked another broad rally, pushing the [**SPDR S&amp;P 500 ETF Trust (SPY)**](/spy) up as much as 3.5% at its intraday high. That came on the heels of Tuesday’s 2.6% gain.

At its peak on Wednesday, the S&amp;P 500 nearly touched 5,470—slightly above the 5,457 level where it closed on April 9, when markets surged 9.5% after Trump paused many of his proposed “reciprocal tariffs.” That marked the index’s best single-day performance since 2008.

However, gains faded by midday as technical traders took profits and Treasury Secretary Scott Bessent suggested that the U.S. would not cut tariffs on China unilaterally, dampening some of the earlier enthusiasm.

 
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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


 Related Topics  [Equity](http://www.etf.com/topics/equity) 

 [S&amp;P 500](http://www.etf.com/topics/sp-500) 

 [China](http://www.etf.com/topics/china)