Stocks traded higher Tuesday on news that the U.S. temporarily eased restrictions on Chinese telecom giant Huawei.
The Commerce Department said Monday night it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19. The move sought to minimize disruption for the telecom company’s customers around the world.
Equities also got a boost from Boeing, which rose after The Wall Street Journal reported that a bird collision may have caused the 737 Max crash in March.
Shares of chipmakers like Micron Technology, Qualcomm and Xilinx all rose more than 1%. Nvidia and Lam Research gained 0.8% and 1.1%, respectively.
Chinese stocks rose broadly on the news. The Shanghai Composite gained 1.2%, while the Shenzhen A Shares index jumped 1.8%. European shares also traded higher as the Stoxx 600 index advanced 0.5%.