Stocks surged Tuesday morning on news that the Trump administration would delay tariffs on some Chinese imports until Dec. 15.

The Dow gained more than 400 points, or 1.7%, rising to 26,339 at 10:40 a.m. Eastern Time. The S&P 500 stock index gained 1.8% and the tech-heavy Nasdaq composite rose 2.4%.

The U.S. Trade Representative said the new tariffs of 10%, due to kick in on Sept. 1 would be delayed until mid-December on cell phones and other electronics products as well as some kinds of toys, shoes and clothing.

Apple, Nike and some toymakers surged as a result. Apple gained 5.1%, while Mattel rose 9.8% and Hasbro rose 6.4%. Amazon gained 2.1%.

The news marked a welcome cool-off of trade tensions between the two economic giants that have been roiling global markets for weeks and sending Americans’ 401(k) retirement savings tumbling. President Donald Trump’s announcement of the wide-ranging new tariffs on Aug.1 rattled Wall Street investors, as did a subsequent decision by Beijing to n against the dollar.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Boris Johnson moved to intensive care after his condition worsens

Boris Johnson has been admitted to intensive care after his coronavirus symptoms worsened, with overall charge of the government handed to Dominic Raab, the foreign secretary. The prime minister was moved to intensive care at St Thomas’ hospital, London, at…

Keir Starmer ‘failing renters’ hit by coronavirus crisis, Momentum says

Momentum and thousands of Labour members have accused Keir Starmer of “failing renters”, calling on him to back an immediate cancellation of rents for those whose income is affected by the coronavirus crisis. Starmer’s policy is to support an extension…

‘Happy Days’ stars Don Most, Anson Williams reunite for ‘Harvest Time’: ‘It will surely surprise people’

Fox News Flash top entertainment and celebrity headlines are here. Check out what’s clicking today in entertainment. Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here. “Happy Days” stars Don Most and Anson…

Rep. Justin Amash will make decision on presidential run ‘soon’

Independent Rep. Justin Amash of Michigan, a frequent critic of President Trump, could make a decision on a presidential run “soon,” his campaign said on Wednesday, a move that could potentially complicate Trump’s ability to consolidate right-leaning voters in November.…