Wall Street stocks jumped early on Tuesday, August 13th, after the US government announced it was delaying tariffs of 10% on key consumer electronic goods imported from China until December 15th.
The broad-based S&P 500 also climbed 1.6% to 2,928.68, while the tech-rich Nasdaq Composite Index jumped 2.1% to 8,030.81, according to AFP.
Earlier this month, US President Donald Trump announced plans to impose tariffs on $300 billion in Chinese imports on September 1st. In response, Beijing halted purchases of US agricultural goods, spawning talk the economic powers may not resolve the longstanding conflict until after the 2020 US presidential election.
US stocks lost more than 1% on Monday amid worries over slowing global growth, the US-China trade war and turbulence in a number of international hot spots, including Hong Kong.
US economic data showed a jump in inflation in July, meanwhile a German investor confidence index sunk to its lowest level in almost eight years in August, bolstering expectations the European Central Bank will soon enact measures to provide more stimulus.