Stocks closed solidly higher Wednesday, though well off their earlier highs, as investor concerns about tariffs and Federal Reserve independence eased following comments from President Donald Trump.

President Donald Trump is repeating his attacks against the chair of the Federal Reserve, demanding that the central bank lower its key interest rate to boost the economy.

Stocks opened higher in early trading Wednesday. The surge comes after Donald Trump backed off threats to fire the chairman of the Federal Reserve and showed a willingness to lower tariffs on China. Stocks continued to rally early Wednesday after Donald Trump backed off of threats to remove the chairman of the Federal Reserve and signals that tariffs on Chinese imports could be lowered in the weeks to come.