[NEW YORK] US stocks closed higher on Tuesday after an announced delay of planned tariffs on some Chinese imports brought buyers back to the equities market in a broad-based rally. Read more at The Business Times.
[NEW YORK] US stocks closed higher on Tuesday after an announced delay of planned tariffs on some Chinese imports brought buyers back to the equities market in a broad-based rally.
"It's a stemming of the downward momentum because it does give some trade optimism," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta."We're getting into the tail end of earnings season, so geopolitical and macroeconomic news will dominate the markets direction for the next few weeks."Apple, a likely beneficiary of the tariff delay, rose 4.2 per cent on Nasaq, while the Philadelphia SE Semiconductor Index gained 3.0 per cent.
The spread between 2-year and 10-year US Treasuries hit its flattest level in 12 years, reflecting anxieties over trade and geopolitical turmoil. But yields rose across the board on news of the tariff delay. Facebook Inc pared gains following a Bloomberg report that the social media company had hired outside contractors to transcribe user audio clips, ending up 1.7 per cent.
Analysts see S&P 500 second-quarter earnings growth of 2.9 per cent year-on-year, a significant improvement over the paltry 0.3 per cent growth expected on July 1, per Refinitiv.
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