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Stocks jumped on Tuesday amid signs that U.S.-China trade relations could be improving, bringing a sigh of relief to investors in a volatile investing environment.
The Dow Jones Industrial Average popped 220.59 points to 24,643.85
The S&P 500 leaped 29.23 points, or 1.1%, to 2,666.95.
The NASDAQ gained 87.56 points, or 1.3%, to 7,108.08
Bloomberg News reported earlier on Tuesday that China is moving toward cutting tariffs on cars made in the U.S. to 15% from the current 40%. The proposal has been submitted to the Chinese Cabinet and will be reviewed in the coming days, the report says.
Shares of Ford Motor, General Motors and Fiat Chrysler all rose more than 2%.
Caterpillar shares rose 2.7% while Deere gained more than 3%. Shares of Boeing climbed more than 1%. These stocks are seen as bellwethers for global trade because of their exposure to overseas markets.
Prices for the benchmark for the 10-year U.S. Treasury were unchanged, keeping yields at Monday’s 2.86%.
Oil prices improved $1.18 to $52.18 U.S. a barrel.
Gold prices regained $1.10 to $1,250.50 U.S. an ounce.
