U.S. stocks trade higher after China renews opening-up measures

NEW YORK, April 10 (Xinhua) -- U.S. stocks traded higher in the morning session on Tuesday as investor sentiment was largely strengthened after China announced further opening-up measures.

At midday, the Dow Jones Industrial Average gained 498.05 points, or 2.08 percent, to 24,477.15. The S&P 500 added 45.86 points, or 1.75 percent, to 2,659.02. The Nasdaq Composite Index was up 127.13 points, or 1.83 percent, to 7,077.48.

China will launch a number of landmark measures this year to significantly broaden market access, Chinese President Xi Jinping said in a keynote speech at the opening ceremony of the Boao Forum for Asia annual conference in the southern island province of Hainan on Tuesday.

China will accelerate the opening up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, and open up more areas of cooperation between Chinese and foreign financial markets, Xi said.

He also pledged measures including significantly lowering import tariffs for vehicles and some other products, and enhancing the protection of intellectual property rights.

Shares of U.S. automakers jumped in the wake of Xi's announcement. Ford Motor rose 2.4 percent, while General Motors and Tesla gained 2.5 percent and 5.3 percent, respectively.

In corporate news, social media and technology stocks are in the limelight as Facebook's data scandal continues to unfold. The company's chief executive officer Mark Zuckerberg is scheduled to testify before the House Energy and Commerce Committee on Wednesday. Enditem