Confronted with fresh warnings from financial markets, business leaders and top advisers, President Donald Trump this week eased off on two of his frequent punching bags: Jerome Powell and China.

The Nasdaq surges 4% as the president backtracks on his stance, no longer seeking to dismiss the Fed chairman and aiming for a tariff agreement with China. Donald Trump is now spending more time retracting his statements than he did destabilizing the market with his trade war and harsh remarks against almost everyone,

U.S. stocks ended the Wednesday session higher after President Donald Trump was seen dialing back his rhetoric on the Federal Reserve and China trade.