The Dow enjoyed a delicious rally as major compontent Apple soared, but the tariff delay won’t solve Trump’s trade war dilemma. | Source: AP/Richard Drew
By CCN Markets: The Dow and broader U.S. stock market shot higher on Tuesday, bucking a dismal start to the trading day after the Trump administration announced it would delay new tariffs on several categories of Chinese goods.
However, delays don’t mean the trade war is over. Fresh duties on several Chinese imports will go into effect early next month, with the remainder scheduled to follow on December 15.
Dow Rises; S&P 500, Nasdaq Follow
All of Wall Street’s major indexes rose, offsetting a brutal start to the week that saw the Dow fall nearly 400 points. On Tuesday, the Dow Jones Industrial Average rose by as much as 519 points. It was last up 387.77 points, or 1.5%, at 26,295.14.
Shares of Apple Inc. (NASDAQ:AAPL) outperformed the market, gaining 4.6%. Intel Corp (NASDAQ:INTC) and Caterpillar Inc. (NYSE:CAT) rose 3% and 2.2%, respectively.
The broad S&P 500 Index of large-cap stocks surged 1.6% to 2,929.96, with all 11 primary sectors reporting gains. Information technology was the stand-out performer, gaining 2.5%. Eight other sectors reported gains of at least 1%.
Surging technology shares propelled the Nasdaq Composite Index to gains of 2%, where it reached 8,024.24.
U.S.-China Trade War Isn’t Even Close to Being Over
Don’t be fooled by misplaced optimism. The U.S.-China trade war will likely rage on for some time. | Source: REUTERS/Leah Millis (i), AFP PHOTO / GULSHAN KHAN (ii). » Read Full Article «