U.S. stocks on Tuesday pivoted decidedly higher from an early slide out of the gate after the USTR said an increase in tariffs on some goods from China would be delayed. The U.S. Trade Representative said it would delay imposing 10% tariffs on certain Chinese products until Dec. 15, the USTR office said Tuesday. The USTR said the delay will apply to products including cell phones, laptop computers and video games. President Donald Trump has announced 10% tariffs on $300 billion in Chinese goods beginning Sept. 1, and the delay comes as officials from both sides spoke by phone. A USTR spokesman said U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin held discussions and officials would speak again within two weeks. The Dow Jones Industrial Average DJIA, +1.60% traded 503 points, or 2%, higher at 26,393, after tumbling more than 390 points on Monday. The S&P 500 index SPX, +1.63% rose 2% to 2,940, while the Nasdaq Composite Index COMP, +1.90% surged 2.5% to 8,056.
Dow jumps more than 500 points on reports of progress on China-U.S. trade talks
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