Advertisment
The S&P 500 and NASDAQ composite indexes rose slightly on Tuesday, building on strong gains from the previous session, after China said it will reduce levies on automakers and car parts.
The Dow Jones Industrials faded 29.29 points to 24,984, after starting the session trading higher.
The S&P 500 gained 3.78 points to 2,735.79, as utilities and telecom outperformed.
The NASDAQ gained 5.88 points to 7,399.92
The Chinese Finance Ministry said tariffs on certain vehicles will come down to 15% from as much as 25% while levies on some parts will be brought down to 6% effective July 1.
Shares of Ford and General Motors rose on the news, gaining about 0.5% each. Tesla initially rose more than 1% before sliding 2.4%.
The announcement by China comes after Treasury Secretary Steven Mnuchin told the media on Monday the U.S. has made "very meaningful progress" with China on trade matters, noting: "Now it's up to both of us to make sure that we can implement it."
Prices for the benchmark for the 10-year U.S. Treasury were slightly lower, raising yields to 3.08% from Monday’s 3.06%. Treasury prices and yields tend to move in opposite directions.
Oil prices gained 47 cents at $72.82 U.S. a barrel.
Gold prices gained $1.10 at $1,292.00 U.S. an ounce.
