Treasury Secretary Scott Bessent on Tuesday reassured attendees of a closed-door JPMorgan investor summit that he expects the trade war with China to de-escalate, according to people in the room for his remarks.

U.S. Treasury Secretary Scott Bessent said on Tuesday that he believes there will be a de-escalation in U.S.-China trade tensions, but negotiations with Beijing have not yet started and would be a "slog,

The Dow Jones Industrial Average rose 1,016.57 points, or 2.66 percent, to 39,186.98. The S&P 500 added 129.56 points, or 2.51 percent, to 5,287.76. The Nasdaq Composite Index increased by 429.52 points, or 2.71 percent, to 16,300.42.