Mumbai, April 1 -- The Dow jumped 417.86 points (1%) to 42,001.76 and the S&P 500 climbed 30.91 points (0.6%) to 5,611.85. The Nasdaq bounced well off its lows but still ended the day down 23.70 points (0.1%) at 17,299.29.

Trump told reporters aboard Air Force One on Sunday that the reciprocal tariffs would target all countries and not just a smaller group with the biggest trade imbalances. Traders worry Trump's tariffs and possible retaliatory actions by targeted countries will fuel inflation, keep interest rates elevated and drag down global economic growth.

On the U.S. economic front, MNI Indicators released a report showing an unexpected increase by its reading on Chicago-area business activity in the month of March. MNI Indicators ...