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U.S. stocks trade higher after sharp declines

Xinhua,April 03, 2018 Adjust font size:

NEW YORK, April 3 (Xinhua) -- U.S. stocks traded higher on Tuesday as major indices tried to rebound from sharp declines in the previous session.

At midday, the Dow Jones Industrial Average added 262.45 points, or 1.11 percent, to 23,906.64. The S&P 500 increased 24.84 points, or 0.96 percent, to 2,606.72. The Nasdaq Composite Index was up 76.46 points, or 1.11 percent, to 6,946.58.

U.S. equities slumped on Monday, the first trading day in April, as worries about trade issues and a sharp decline in the technology sector weighed on the market. The Dow Jones Industrial Average lost over 450 points when market closed, while the tech-heavy Nasdaq erased over 2.7 percent.

In corporate news, shares of Amazon rebounded over 1 percent on Tuesday after declining over 5 percent in the previous session, after the U.S. President Donald Trump tweeted on Saturday that Amazon was scamming the U.S. Postal Service, adding the service loses "billions of dollars" delivering packages for the e-commerce giant.

Investors were also monitoring the developments of trade relations between China and the United States.

China suspended tariff concessions on 128 items of U.S. products including pork and fruits starting Monday, according to the Ministry of Finance.

The statement said it was a countermeasure in response to a previous U.S. move to slap tariffs on steel and aluminum imports. Enditem

 

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