U.S. Stocks Rise Following Chinese President Xi Jinping’s Speech On Tariffs, Cars
By Fox Business // April 10, 2018
Dow Gains 428 points; Nasdaq-143 points, S&P 500 43 points
ABOVE VIDEO: U.S. stocks surged Tuesday following a speech by Chinese President Xi Jinping in which he said he would open the country’s economy and lower import tariffs on products, including cars.
(FOX BUSINESS) – U.S. stocks surged Tuesday following a speech by Chinese President Xi Jinping in which he said he would open the country’s economy and lower import tariffs on products, including cars.
The Dow Jones Industrial Average gained 428.90 points, or 1.79%, to 24,408. The S&P 500 jumped 43.71 points, or 1.61%, to 2,656.87. The Nasdaq advanced 143.96 points, or 2.07%, to 7,094.30.
Facebook contributed to strong gains in the technology sector. The social media giant’s shares rose 4.5%, their best performance in two years Opens a New Window. , as CEO Mark Zuckerberg appeared in Congress to testify on Facebook’s data privacy policies.
Industrial and financial shares, the groups that have fallen most since President Trump first talked about imposing tariffs on March 1, also were among Tuesday’s leaders. Boeing gained 3.8%, adding 85 points to the Dow.
“President Xi has succeeded in batting the ball back into the US court, so we now watch and wait for a response,” said Chris Beauchamp, chief market analyst at IG. “A firm negative will send equities tumbling back down, but if Mr. Trump nods his approval of this first step towards negotiation we might see stock markets edge up once more.”