Markets Right Now: Tariff delay sends US stocks soaring
August 13, 2019 02:22 PM
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks shot higher after the U.S. said it would delay tariffs on Chinese imports of mobile phones, toys and other items typically on holiday shopping lists.
Retailers and makers of electronics and toys rose sharply. Best Buy rose 6.5%, Intel climbed 2.7% and Mattel added 4.6%.
The latest turn in the U.S.-China trade war helped the market erase much of the losses from the previous two days. Markets have been volatile since President Donald Trump announced on Aug. 1 he would impose tariffs on $300 billion in Chinese imports.
The Dow Jones Industrial Average jumped 382 points, or 1.5%, to 26,279.
The S&P 500 added 43 points, or 1.5%, to 2,926. The Nasdaq rose 152, or 1.9%, to 8,016.
The yield on the 10-year Treasury rose to 1.69%.
Stocks tore higher on Wall Street after the latest turn in the U.S.-China trade war flipped investors back to buying mode.
Major indexes rose sharply Tuesday after the U.S. government said it would hold off on tariffs of Chinese imports of mobile phones, toys and several other items on holiday shopping lists until December 15.
The news sent the stocks of U.S. companies that make electronics, shoes and toys sharply higher. Apple jumped 4.1%, Mattel jumped 3.6% and Steve Madden rose 4.2%.
The Dow Jones Industrial Average jumped 390 points, or 1.5%, to 26,278.
The S&P 500 index added 42 points, or 1.5%, to 2,926. The Nasdaq rose 140, or 1.8%, to 8,003.
Bond prices fell. The yield on the 10-year Treasury rose to 1.68%.
Stocks shot higher on Wall Street after the U.S. government announced it was delaying the implementation of tariffs on certain goods imported from China.
The U.S. Trade Representative said Tuesday that some products were being removed from the list that would be subject to new tariffs of 10% as of September 1.
It also said the new tariffs would be delayed until mid-December on other products including cell phones, some kinds of toys and footwear.
The news sent the stocks of U.S. companies that make electronics, shoes and toys sharply higher. Apple jumped 5.4%, Mattel soared 10.6% and Steve Madden jumped 4.7%.
The Dow Jones Industrial Average jumped 400 points, or 1.6%. The S&P 500 index was up 1.5%. The Nasdaq jumped 2%.
Stocks shook off an early stumble and edged higher on Wall Street led by gains in technology and health care companies.
Apple rose 1.8% Tuesday and Merck climbed 1.1%.
U.S. indexes are still down about 3% for the month as investors are unsettled by trade tensions between the U.S. and China, protests in Hong Kong and political instability in Argentina.
The S&P 500 rose 12 points, or 0.4%, to 2,895.
The Dow Jones Industrial Average rose 92 points, or 0.3%, to 25,981. The Nasdaq rose 39 points, or 0.5%, to 7,905.
Bond prices fell. The yield on the 10-year Treasury rose to 1.65%.
Updated: August 13, 2019 02:22 PM
Created: August 13, 2019 02:10 PM
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