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Stocks rose on Tuesday in another volatile session amid signs that U.S.-China trade relations could be improving.
The Dow Jones Industrial Average came off its highs of the morning, but hung onto 59.37 points to 24,482.63
The S&P 500 moved up 12.17 points to 2,649.89.
The NASDAQ gained 52.87 points to 7,073.39
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 1%.
Caterpillar shares rose 0.7% while Deere gained 1.1%. 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 slightly higher, lowering yields to 2.85% from Monday’s 2.86%. Treasury prices and yields move in opposite directions
Oil prices improved 97 cents to $51.97 U.S. a barrel.
Gold prices settled 90 cents to $1,248.50 U.S. an ounce.
