Stocks rise as Trump tweets on stimulus keep market spinning

NEW YORK (AP) — Stocks are recovering on Wall Street Wednesday after President Donald Trump appeared to backtrack on his decision to halt talks on another rescue effort for the economy.

The S&P 500 was 1.2% higher in early trading after Trump sent a series of tweets late Tuesday saying he’s open to sending out $1,200 payments to Americans, as well as limited programs to prop up the airline industry and small businesses.

The tweets came just hours after Trump sent the market into a sudden tailspin with his declaration that his representatives should halt talks with Democrats on a stimulus effort for the economy until after the election, saying House Speaker Nancy Pelosi had been negotiating in bad faith. The stakes are high, as economists, investors and the chair of the Federal Reserve all say the economy needs another dose of support following the expiration of weekly jobless benefits and other stimulus Congress approved earlier this year.

The Dow Jones Industrial Average was up 350 points, or 1.3%, at 28,123, as of 9:50 a.m. Eastern time.

The Nasdaq composite climbed 1.3%, despite a call by Democratic lawmakers for Congress to rein in the Big Tech companies that dominate it and other indexes. The proposal, which follows a 15-month investigation by a House Judiciary Committee panel, could make it harder for Amazon, Apple, Facebook and Google's parent company to acquire others and impose new rules to safeguard competition.

Amazon rose 2.2%, Apple climbed 1.5%, and Google's parent company was up 0.2%. Facebook slipped 0.3%.

But much of the market’s attention remains fixed on the prospects for more stimulus for the economy from Washington. Wednesday morning’s gains helped the S&P 500 recoup more than four-fifths of its loss from the day before, when...