The Dow Jones Industrial Average, which jumped as much as 529 points, finished the day 372.54 points higher, or 1.44%, at 26,279.91. The S&P 500 rose 42.57 points or 1.48% to 2,926.32 and the Nasdaq Composite was 1.95% higher to 8,016.36, led by Apple which surged more than 4%.
· “While the U.S.-China developments this morning are positive, keep in mind that even if the 9/1 tariffs are completely abandoned, the S&P 500 will still struggle to get above 3,000,” Adam Crisafulli, a J.P. Morgan managing director, said in a note on Tuesday. “The next big steps on the U.S.-China relationship front concerns Huawei and agriculture.”
· European stocks reversed course on Tuesday, closing higher as investors reacted to news that the U.S. has delayed additional tariffs on some Chinese imports.
The pan-European Stoxx 600 closed provisionally up 0.6%. Markets had traded lower earlier in the session. Trade-sensitive sectors like autos and basic resources were among the biggest gainers.
· Stocks in Asia Pacific traded higher Wednesday morning as the U.S. announced a delay in the implementation of tariffs on some Chinese goods.
In Japan, the Nikkei 225 jumped 1.14% in early trade as shares of index heavyweight and robot maker Fanuc surged 2.81%. The Topix index also advanced 0.96%.
Over in South Korea, the Kospi gained 1.37% as chipmaker SK Hynix’s stock surged 4.16%. Australia’s S&P/ASX 200 also rose 0.44%.
· “President Trump did delay the tariffs and while this is positive for equities, the markets will remain wary of the tariffs still being implemented come December,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.
“And while the tensions in Hong Kong are not a main caliber theme for all markets, their negative impact has been multiplied as they have taken place simultaneously with developments in Argentina.”
Reference: CNBC
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