NEW YORK — U.S. stocks are leaping Wednesday as a worldwide rally comes back around to Wall Street after President Donald Trump appeared to back off his criticism of the Federal Reserve and his tough talk in his trade war.

A relief rally swept global equity markets Wednesday as comments by US President Donald Trump that he had "no intention" of firing the head of the Federal Reserve and his

U.S. stocks are leaping Wednesday as a worldwide rally comes back around to Wall Street following updates from President Donald Trump about his plans for the Federal Reserve and his trade war that investors found encouraging.

The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.

Long-maturity Treasury yields tumbled Wednesday as part of a broader rally in dollar-denominated risk assets, after US President Donald Trump said he wasn’t inclined to fire the head of the Federal Reserve and suggested tariffs on Chinese imports could drop.

Stocks fell on Monday, with energy shares among the biggest losers, as President Donald Trump ramped up his attacks on Federal Reserve Chairman Jerome Powell.