Investing.com – A Trump Administration decision to delay the imposition of tariffs on goods imported from China set off a huge rally Tuesday that reclaimed most of Monday’s losses.
The Administration delayed the imposition of tariffs on some goods until Dec. 15, which should give retailers plenty of time to stock their shelves.
“We’re doing this for the Christmas season,” President Donald Trump told reporters
The rally sent the up 1.48%, the up 1.44% and the up nearly 2%.
The gains for the S&P 500 and the Nasdaq — 42.57 points and 153 points, respectively — recovered all of Monday’s losses. The Dow, which gained about 373 points, ended the day about 7.5 points short of a total recovery from its 380-point loss on Monday.
The index, which has a concentration in big tech, jumped more than 2.2%. The index more than recovered its Monday loss, ending the day 82 points ahead of Friday’s close.
Apple (NASDAQ:), electronics retailer Best Buy (NYSE:), Nike (NYSE:), Microsoft (NASDAQ:) Intel (NASDAQ:), Cisco Systems (NASDAQ:) and Caterpillar (NYSE:) were among the biggest winners from the decision.
Apple rose 4.2% and contributed nearly 58 points to the Dow by itself. It was also the sixth-best performer among Nasdaq 100 stocks.
The tariff delays were concentrated on a wide variety of goods that are big sellers in the holiday shopping season, including cell phones, tennis racquets, video game consoles, computer keyboards, footware and clothing.
The White House had vowed to impose the tariffs on Sept. 1, but the announcement in late July unnerved markets, unleashing wild swings in U.S. stock prices. Tariffs will be imposed Sept. 1, on a number of products, including food products.
The Dow was up nearly 530 points before some traders sold to lock in profits. Twenty-seven of the 30