Markets Right Now: Stocks surge as China trade tensions ease

Markets Right Now: Stocks surge as China trade tensions ease
The Associated Press

NEW YORK (AP) — The latest on developments in financial markets (all times local):

11:05 a.m.

Signs of a thaw in the trade tensions between Beijing and Washington are sending U.S. stock indexes sharply higher on Wall Street.

The Dow Jones industrial average climbed as much as 500 points Tuesday.

Automakers and technology stocks shot higher after President Xi Jinping said he would cut China’s auto tariffs and improve intellectual property protection.

Ford rose 2.3 percent, and Apple and Microsoft each rose 1.7 percent.

Investors were looking ahead to testimony before Congress later in the day by Facebook CEO Mark Zuckerberg.

The S&P 500 increased 42 points, or 1.6 percent, to 2,655.

The Dow was up 457 points, or 1.5 percent, to 24,323. The Nasdaq added 112 points, or 1.6 percent, to 7,063.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.80 percent.

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9:35 a.m.

Stocks are opening sharply higher on Wall Street as investors were encouraged to see conciliatory remarks from China’s leader over trade.

Automakers and technology stocks posted sizable gains in early trading Tuesday after President Xi Jinping said he would cut China’s auto tariffs and improve intellectual property protection.

General Motors climbed 2 percent, and Apple and Microsoft each rose 2 percent.

The S&P 500 increased 30 points, or 1.2 percent, to 2,644.

The Dow Jones industrial average climbed 347 points, or 1.5 percent, to 24,323. The Nasdaq composite added 86 points, or 1.2 percent, to 7,035.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.79 percent.

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