One trading day into Donald Trump’s second term and it’s clear the stock market has a new driver, at least for now. Share prices rallied Tuesday, with gains largely generated by one thing the president didn’t do: enact sweeping tariffs on major trading partners.

US stocks rallied higher Tuesday in the first full day of Donald Trump’s second presidency as traders absorbed a blizzard of executive orders that so far point to less aggressive action on trade. The Dow rose by around 1.

U.S. stock indexes are drifting higher following a mostly encouraging batch of profit reports from big companies