Thaw in Trade War Tensions Is a Boon for Consumer, Technology Stocks
Thaw in Trade War Tensions Is a Boon for Consumer, Technology Stocks
(Bloomberg) --
Technology, consumer discretionary and industrial stocks surged on Tuesday after the U.S. delayed a 10% tariff on some Chinese imports.
Technology stocks led the S&P 500 Index with memory chipmaker Micron Technology Inc. and Apple Inc. among the biggest gainers. Consumer discretionary stocks were the second best performing group, led by retailers Best Buy Co., Dollar Tree Inc. and Gap Inc. General Electric Co. and Caterpillar Inc. also gained.
The Trump administration delayed the tariffs on a number of goods until mid-December, a move that appeared to be aimed at providing relief for U.S. shoppers ahead of Christmas.
The action was the first aimed at easing tensions since August 1, when President Trump announced new tariffs would go into effect on Chinese goods at the beginning of September.
The S&P 500 is on pace to close with its biggest gain since January 4.
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--With assistance from Brad Olesen.
To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Steven Fromm
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