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Business

Stocks bounce back as China blinks on trade

By
Carleton English
Published April 10, 2018
Updated April 10, 2018, 9:29 p.m. ET

US stocks surged on Tuesday after Chinese President Xi Jinping appeared to blink in an escalating war of words with President Trump, saying he will cut tariffs on car imports and improve protections of intellectual property.

The Dow Jones industrial average soared 428.90 points on Tuesday, ending the day at 24,408.00. The broader S&P 500 and tech-heavy Nasdaq also joined in the blue-chip index’ gains Tuesday, climbing 1.7 percent and 2 percent, respectively.

“We live in a time with an overwhelming trend toward openness and connectivity,” Xi said Tuesday at the Boao Forum in China’s Hainan province, adding that Beijing will “significantly lower” tariffs on auto imports this year and ease restrictions on foreign ownership in the auto industry “as soon as possible.”

Boeing and Caterpillar were the biggest gainers for the Dow, rising 3.8 percent and 3.5 percent, respectively. Shares of both companies, which rely heavily on business in China, have lately see-sawed amid trade-war talk.

“Worries that President Trump would be the next Herbert Hoover were overblown,” Jack Ablin, chief investment officer at Cresset Wealth Advisors, told The Post.

Just last week, the Dow fell 572 points Friday after Trump threatened an additional $100 billion in tariffs on Chinese goods. His threat followed an announcement by China on Wednesday that it would tariff 106 US products.

“Very thankful for President Xi of China’s kind words on tariffs and automobile barriers … also, his enlightenment on intellectual property and technology transfers. We will make great progress together!” Trump said in a tweet Tuesday.