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Stocks closed higher on Tuesday following news that the U.S. temporarily eased restrictions on Chinese telecom giant Huawei.
The Dow Jones Industrials popped 197.43 points to conclude Tuesday at 25,877.37, as Intel outperformed.
The S&P 500 increased 24.13 points to 2,864.36, with the tech sector jumping 1.2%.
The NASDAQ Composite leaped 83.35 points, or 1.1%, to 7,785.72.
Equities also got a boost from Boeing. Shares of the airplane maker rose 1.7% after The Wall Street Journal reported that a bird collision may have caused the 737 Max crash in March.
Shares of chipmakers Micron Technology rose 3% while Xilinx gained 4.6%. Qualcomm shares advanced 1.5%. Nvidia advanced 2.2%, and Lam Research gained 1.8%
Kohl’s shares plunged 12.4% after reporting weaker-than-expected earnings. J.C. Penney also dropped 7.4% following the release of its quarterly numbers.
Trade tensions are not going away any time soon. Chinese President Xi Jinping signaled there would be no end to the trade war in the near future. Last week, some media outlets learned that scheduling talks regarding trade negotiations had stalled.
The Commerce Department said Monday night it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19. The move sought to minimize disruption for the telecom company’s customers around the world.
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 2.43% from Monday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices docked eight cents to $63.02 U.S. a barrel.
Gold prices slid $2.80 to $1,274.50 U.S. an ounce.
