US Indexes Close Higher Tuesday With China Tariff Reprieve

The Dow Jones Industrial Average closed at 26,279.91 on Tuesday with a gain of 372.54 points or 1.44%. The S&P 500 closed at 2,926.32 for a gain of 42.57 points or 1.48%. The Nasdaq Composite closed at 8,016.36 for a gain of 152.95 points or 1.95%. The VIX Volatility Index was lower at 17.91 for a loss of 3.18 points or -15.08%.

Tuesday’s market movers

U.S. indexes closed with gains Tuesday after the U.S. announced it would delay some of the Chinese tariffs planned for Sept. 1, including tariffs on cell phones and laptops. The announcement helped stock valuations, signaling some positive negotiation progress between the two countries. Meanwhile, Hong Kong’s airport remained closed from protests and the yuan’s midpoint was fixed above 7-1 again on Tuesday.

CBS (NYSE:CBS) and Viacom (NASDAQ:VIAB) made headlines Tuesday after announcing they had agreed to a merger deal. Top cannabis stock Tilray (NASDAQ:TLRY) announced earnings with a revenue beat and earnings per share miss of 5 cents.

Economic reports affecting market trading included the following:

  • The NFIB Small Business Optimism Index increased to 104.7 in July from 103.3.
  • The Consumer Price Index increased 0.3% in July following an increase of 0.1%. Year over year, the Consumer Price Index had an increase of 1.8% following an increase of 1.7%.
  • The Core Consumer Price Index, excluding food and energy, increased 0.3% in July and 2.2% year over year. In June, the Core Consumer Price Index was up 0.3% for the month and 2.1% year over year.

In the S&P 500, the technology, consumer discretionary and health care sectors led gains. In the Dow Jones Industrial Average, the following stocks led gains:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,510.58 for a gain of 16.30 points or 1.09%. The S&P 600 closed at 929.89 for a gain of 9.36 points or 1.02%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,790.10 for a gain of 108.63 points or 1.12%. The Dow Jones U.S. Small-Cap Value Index closed at 9,154.68 for a gain of 74.74 points or 0.82%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,893.51 for a gain of 20.71 points or 1.11%; the S&P 100 at 1,292.61 for a gain of 20.21 points or 1.59%; the Nasdaq 100 at 7,728.15 for a gain of 166.47 points or 2.20%; the Russell 3000 at 1,717.72 for a gain of 23.96 points or 1.41%; the Russell 1000 at 1,619.93 for a gain of 22.95 points or 1.44%; the Wilshire 5000 at 29,949.34 for a gain of 424.27 points or 1.44%; and the Dow Jones U.S. Select Dividend Index at 695.89 for a gain of 7.42 points or 1.08%.

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About the author:

Julie Young

Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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