Stocks soar after Trump administration delays some China tariffs

Stocks soar after Trump administration delays some China tariffs

The facade of the New York Stock Exchange. Stocks on Wall Street tore higher Tuesday, continuing their roller-coaster ways, after the latest turn in the U.S.-China trade war flipped investors back to buying mode. This time, it was the United States saying it would hold off until Dec. 15 on tariffs on imports from China of mobile phones, toys and several other items on holiday shopping lists. China also said its negotiators had spoken with U.S. officials about the tariffs that President Trump threatened to impose starting Sept. 1, and they planned to talk again in the next two weeks. The Standard & Poor’s 500 index burst higher immediately after the announcements, and it was on pace for one of its best days in months. It was up 1.8% as of about 9:25 a.m. Pacific Time and earlier had been up as much as 2.1%. The Dow Jones industrial average rose 460 points, or 1.8%, to 26,358, and the Nasdaq composite jumped 2.1%. It’s just the latest turn for markets, which have been in the spin cycle since Trump announced Aug. 1 that he would impose 10% tariffs on about $300 billion worth of imports from China, which would be on top of tariffs already on $250 billion of imports. The threat dashed hopes that a resolution may come soon in the trade war between the world’s two largest economies, and investors have grown increasingly concerned that it may drag through the U.S. elections in 2020. While stocks have […]

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