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Stocks rose on Tuesday as the latest tariffs on U.S. and Chinese goods are not as bad as previously feared. Strong gains in tech also lifted the broader market.
The Dow Jones Industrial Average popped 184.84 points to close Tuesday at 26,246.96, as Nike and Boeing outperformed.
The S&P 500 acquired 15.51 points to 2,904.31, led by tech and industrials.
The NASDAQ recovered from Monday’s bruising, restoring 60.31 points to 7,956.11, as Amazon, Apple, and Alphabet closed higher.
China announced tariffs targeting more than 5,000 U.S. products will go into effect on Sept. 24. However, China will put a 10% tariff on some goods it had previously earmarked for a 20% levy.
The announcement comes after the Trump administration announced the U.S. will impose 10% tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25% at the end of the year.
Caterpillar picked up 2%, and Boeing – also considered a trade bellwether for their large overseas exposure — rose 2.7%.
Tech shares bounced back after steep losses in the previous session. Amazon rose 1.7% after posting its worst day since April on Monday. Netflix, meanwhile, grew 5%, and Apple rose 0.2%.
Prices for the benchmark for the 10-year U.S. Treasury plummeted, raising yields to 3.05% from Monday’s 2.99%. Treasury prices and yields move in opposite directions.
Oil prices remained positive 93 cents to $69.84 U.S. a barrel.
Gold prices faded $3.20 to $1,202.60
