Stocks rose sharply Tuesday, regaining some lost ground after a deep sell-off in the previous session, as the market weighed the impact of the escalating trade war between the United States and China.
The S&P 500 advanced 1.2% as tech shares outperformed. The Nasdaq climbed 1.5%.
Boeing and Apple shares gained 1% and 0.8%, respectively, while Caterpillar advanced 1.1%.
Major U.S. indexes tumbled Monday after news that China plans to raise tariffs on $60 billion worth of U.S. imports, beginning on June 1. The list of targeted goods ranges from TV cameras to tequila, and includes a range of agricultural products. Beijing’s move comes after Washington announced last week it would increase tariffs from 10% to 25% on a bulk of Chinese imports.
