Markets Right Now: Stocks surge as China trade tensions ease

MarketsAssociated Press

The latest on developments in financial markets (all times local):

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4 p.m.

Major U.S. stock indexes are closing sharply higher after China's leader sounded a conciliatory tone on trade tensions with the U.S.

Automakers and technology companies climbed Tuesday after President Xi Jinping said he would cut China's auto tariffs and improve intellectual property protection.

General Motors rose 3.3 percent and chipmaker Nvidia jumped 5.8 percent.

Investors seemed pleased with how Facebook CEO Mark Zuckberg's Congressional testimony on data privacy started out. Facebook rose 4.5 percent, and rival social media company Twitter increased 5.4 percent.

The S&P 500 increased 43 points, or 1.7 percent, to 2,656.

The Dow Jones industrial average rose 428 points, or 1.8 percent, to 24,408. The Nasdaq added 143 points, or 2.1 percent, to 7,094.

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

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11:45 a.m.

Conciliatory remarks on trade from China's leader helped put investors in a buying mood and stocks were rising sharply on Wall Street at midday.

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

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

Tesla jumped 4.7 percent and Cisco Systems gained 2.8 percent.

Investors were looking ahead to testimony before Congress by Facebook CEO Mark Zuckerberg.

The S&P 500 increased 39 points, or 1.5 percent, to 2,653.

The Dow was up 441 points, or 1.8 percent, to 24,431. 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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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.