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Tariff Delay Sends US Stocks Soaring

Dow ends day up 382
By Newser Editors and Wire Services
Posted Aug 13, 2019 3:00 PM CDT
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Specialists James Denaro, left, and Anthony Rinaldi work on the floor of the New York Stock Exchange, Tuesday, Aug. 13, 2019.   (AP Photo/Richard Drew)

(Newser) – Stocks shot higher after the US said it would delay tariffs on Chinese imports of mobile phones, toys, and other items typically on holiday shopping lists. Retailers and makers of electronics and toys rose sharply, the AP reports. Best Buy rose 6.5%, Intel climbed 2.7% and Mattel added 4.6%. The latest turn in the US-China trade war helped the market erase much of the losses from the previous two days. Markets have been volatile since President Trump announced on Aug. 1 he would impose tariffs on $300 billion in Chinese imports. The Dow Jones Industrial Average jumped 382 points, or 1.5%, to 26,279. The S&P 500 added 43 points, or 1.5%, to 2,926. The Nasdaq rose 152, or 1.9%, to 8,016. (Read more stock market stories.)

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