The Dow Jones Industrial Average dropped 1,679 points ... could knock down U.S. economic growth by 2 percentage points this year and raise inflation close to 5%, according to UBS.

Stocks surged after President Donald Trump said he does not plan to remove Federal Reserve Chair Jerome Powell from his post ...

The Nasdaq joined the Dow with a 2.7% gain. The Russell 2000 kept pace with the major indexes, also posting a 2.7% jump.

The Dow Jones index concluded the day with a gain of 2.66 percent, settling at 39,186.98. During today's closing session, the Dow Jones reached a high of 39,291.60 and a low of 38,516.23.

The Dow Jones Industrial Average concluded the session at 38,170.41, reflecting a decrease of 2.48 percent. The Dow Jones experienced a net change of -971.82 points compared to the previous close.

President Trump said tariffs on China will "come down substantially," though they will not be reduced to zero.

The Dow Jones Industrial Average was down 1,538 points ... could knock down U.S. economic growth by 2 percentage points this year and raise inflation close to 5%, according to UBS.

US Stock Market LIVE ... time in nearly a year. Dow Jones Industrial Average fell 0.8% to 37,645.59, nearly 1,780 points off its session high. Nasdaq Composite tumbled 2.2% to 15,267.91, led ...