Market Snapshot: U.S. stocks sharply higher after Trump backs off on some tariffs on Chinese imports

U.S. stocks rallied Tuesday after the Trump administration backed off on imposing tariffs on some Chinese imports from Sept. 1, following recent sharp falls in equity markets and ahead of possible higher prices for consumer goods later this year due to the proposed levies.

The news of a de-escalation in the trade war overshadowed concerns about slowing economic growth and the potential for Beijing to crack down on protests in Hong Kong, one of Asia’s most important financial and trade hubs.

How are the major benchmarks performing?

The Dow Jones Industrial Average DJIA, +1.69% was up 429 points, or 1.7%, at 26,324, while the S&P 500 index SPX, +1.75% added 49 points, or 1.7%, to 2,930.

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