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Roundup: U.S. stocks close higher after sharp declines

Xinhua,April 05, 2018 Adjust font size:

NEW YORK, April 4 (Xinhua) -- U.S. stocks ended higher on Wednesday after sharp declines in earlier trading.

The Dow Jones Industrial Average added 230.94 points, or 0.96 percent, to 24,264.30. The S&P 500 increased 30.24 points, or 1.16 percent, to 2,644.69. The Nasdaq Composite Index was up 100.83 points, or 1.45 percent, to 7,042.11.

Earlier in the day, U.S. equities slumped broadly, with the Dow plunging over 500 points, as investors were assessing the trade tensions between China and the United States.

China on Wednesday unveiled a list of products worth 50 billion U.S. dollars imported from the United States that will be subject to higher tariffs, including soy bean, automobiles and chemical products.

The move was taken after the U.S. administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth 50 billion dollars with a suggested tariff rate of 25 percent.

The date of implementation will depend on when the U.S. government imposes the tariffs on Chinese products, the Ministry of Finance said.

The Ministry of Commerce said in a statement that the U.S. move was "an evident violation of relevant rules of the World Trade Organization (WTO)."

On the economic front, U.S. private sector employment increased by 241,000 jobs from February to March, well above market consensus of 185,000, according to the March ADP National Employment Report Wednesday.

In other markets, the U.S. dollar declined against most other major currencies in late trading on Wednesday. The dollar index, which measures the greenback against six major peers, decreased 0.07 percent at 90.139 in late trading.

Oil prices also retreated on Wednesday as trade tensions between China and the United States dampened investor sentiment.

The West Texas Intermediate for May delivery fell 0.14 U.S. dollar to settle at 63.37 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 0.10 dollar to close at 68.02 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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