<ul><li>The US stock market quickly erased opening losses to trade higher on Wednesday, with the Nasdaq Composite gaining over 2%.</li><li>The S&P 500 gained 1% to briefly reclaim the 5,000-mark, and the Dow Jones Industrial Average added 360 points or 0.9% to surge past 38,000.</li><li>Consumer discretionary, industrials, and information technology stocks on the S&P 500 gained the most. Real estate, energy, and healthcare sectors came under pressure.</li><li>China and the European Union announced retaliatory tariffs on American goods, adding fuel to the global trade war.</li></ul>

Wall Street Today: S&P 500, Dow Jones Edge Higher After Weak Open, Nasdaq Jumps 2%

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