95°F
weather icon Clear

Stocks jump after US delays plans for some China tariffs

NEW YORK — Stocks rose sharply on Wall Street Tuesday after the U.S. government said it would delay new tariffs on certain goods imported from China and remove tariffs on other goods entirely.

The news marked a welcome cool-off of trade tensions between the two economic giants which has been roiling global markets for weeks. President Donald Trump’s announcement of the wide-ranging new tariffs on August 1 rattled investors, as did a subsequent decision by Beijing to allow its currency to weaken against the dollar.

The U.S. Trade Representative said the new tariffs of 10%, due to kick in on September 1st, would be delayed until mid-December on cell phones and other electronics products as well as some kinds of toys, shoes and clothing. Apple, Mattel and Nike surged as a result.

The latest developments in the ongoing trade feud snapped stocks out of a two-day dip. Markets have been particularly volatile in August as China and the U.S. again escalated the long-running trade war and cast a cloud over prospects for global economic growth.

Apple surged 5.1% in the early going and did much of the work to lift what has been a volatile technology sector. The sector is highly sensitive to trade tensions because those companies do so much business with China. Chipmakers including Intel and Nvidia also made solid gains.

Amazon rose 2% and Nike gained 1.7% to help lift consumer-oriented stocks. The latest trade war developments also sent toymakers higher. Mattel rose 9.8% and Hasbro rose 6.4%.

Bond yields also headed higher. The yield on the 10-year Treasury note rose to 1.69% from 1.64% late Monday. That helped boost banks, which rely on higher bond yields to charge more interest on loans.

KEEPING SCORE: The S&P 500 index rose 1.8% as of 7:21 a.m. PDT. The Dow Jones Industrial Average rose 493 points, or 1.9%, to 26,391. The Nasdaq composite rose 2.3%.

OVERSEAS: European markets also rose sharply as investors moved money back into stocks. The Euro Stoxx average, which was slightly lower before the announcement from the U.S. Trade Representative, was up 1.2%.

Stocks fell broadly in Asia, with the Hang Seng shedding 2.1% as pro-democracy protests crippled Hong Kong’s airport for a second day. The Chinese government cast an ominous shadow over the growing protests by calling them “sprouts of terrorism” and raised concerns over how it may respond.

MISSING PARTS: Advance Auto Parts fell 2% after the auto parts retailer trimmed its 2019 revenue forecast following a weak second quarter. The company reported only a slight increase in overall sales and sales at established stores remained flat. Profit and revenue for the second quarter fell short of Wall Street forecasts.

Don't miss the big stories. Like us on Facebook.
Business Videos
Sahara Las Vegas sues blogger over closure rumor - VIDEO
Sahara Las Vegas has filed a defamation lawsuit against Scott Roeben, the man behind vitalvegas.com, for reporting a rumor that the Las Vegas Strip property would close in September.
MGM Resorts announces “Viva Las Office” program - VIDEO
MGM Resorts International announced its new “Viva Las Office” program that encourages business travelers to work remotely from the Bellagio or Aria.
Las Vegas housing market sees record prices despite pandemic
Las Vegas’ housing market is “on fire” despite the coronavirus pandemic’s devastating effect on the economy, as sales totals surged and prices hit another all-time high last month. (Michael Quine/Las Vegas Review-Journal)
Sahara Las Vegas gets COVID-19 regulatory complaint - VIDEO
Sahara Las Vegas is the first property on the Las Vegas Strip — and the first in Southern Nevada — to receive a regulatory complaint related to coronavirus safety protocols. (Las Vegas Review-Journal)
CEO unsure if Palms will reopen - VIDEO
Frank Fertitta III, chairman and CEO of Red Rock Resorts, said the company doesn't know if or when the Palms or three other Station Casinos properties will reopen. (Las Vegas Review-Journal)
Two Las Vegas visitors win mega progressive jackpots - VIDEO
Two visitors to the Las Vegas Strip won mega progressive jackpots on table games Friday - one at Caesars Palace and another at the Flamingo. (Las Vegas Review-Journal)
D Las Vegas pulls back on dress code policy - Video
The policy barred people with face and neck tattoos from entering the downtown Las Vegas hotel-casino. (Las Vegas Review-Journal)
Amazon warehouse safety measures
Safety measures have been set up at the Amazon warehouse in North Las Vegas. (Las Vegas Review-Journal)
Allegiant Stadium hits substantial completion milestone
Nine-hundred-and-ninety-three days after the groundbreaking ceremony on Nov. 13 2017 on what was then a 62-acre lot of dirt, the $2 billion Allegiant Stadium, home of the Raiders, now holds its own in the Las Vegas skyline.
Tropicana hotel-casino on the Las Vegas Strip up for sale - VIDEO
Gaming and Leisure Properties, landlord of the 35-acre Tropicana, is looking to sell the Las Vegas property and rent it back or sell it outright.
Circa Sports bets big on NFL handicapping contests - Video
A little more than six weeks before the NFL’s scheduled season opener, the Circa sportsbook is staring at a potential multimillion-dollar loss. (Michael Quine/Las Vegas Review-Journal)
Sisolak: Bars in four counties to stay closed - VIDEO
Gov. Steve Sisolak said bars in four counties, including Clark County, will remain closed to help fight COVID-19. (James Schaeffer / Las Vegas Review-Journal)
Circa CEO comments on minor construction flaw
Circa CEO Derek Stevens, who also owns D Las Vegas and Golden Gate, said he had originally planned to fix a misplaced glass panel, but it may be here to stay.
Circa Las Vegas casino gets 1st six-ton exterior sign - Video
The under-construction Circa hotel-casino in downtown Las Vegas gets its first exterior sign bearing its name Thursday morning. (Michael Quine/Las Vegas Review-Journal)
Wynn Resorts Ltd. to place workers on furlough - VIDEO
Wynn Resorts Ltd. will put workers at Wynn Las Vegas and Encore on furlough, effective this week. This comes after paying its Las Vegas employees throughout the 78-day Nevada casino shutdown. (Las Vegas Review-Journal)
Switch, Capital Dynamics break ground on developments - Video
The project, Gigawatt 1®, includes the largest behind-the-meter solar plus battery project in the world. (Las Vegas Review-Journal)
Small crew removes scaffolding, shoring from MSG Sphere project - Video
The MSG Sphere at The Venetian has a skeleton crew on the job site to keep watch on the project, but workers recently removed scaffolding and shoring from the site. (Michael Quine/Las Vegas Review-Journal)
Amid the pandemic, Southern Nevadans are falling behind on mortgages - Video
As Nevada’s foreclosure moratorium ends, homeowners must figure out how to pay off any missed mortgage payments. (Las Vegas Review-Journal)
Casino foot traffic slows as COVID-19 cases rise - VIDEO
As COVID-19 cases continue to rise, Las Vegas casino foot traffic is starting to slow, according to a J.P. Morgan analyst.
Las Vegas entrepreneur Andrew Fonfa dies at 68 - VIDEO
Andrew Fonfa, a developer of the Lucky Dragon hotel-casino just off the Las Vegas Strip, died at age 68.
Las Vegas casinos modify smoking policies - VIDEO
On June 18, Las Vegas Sands Corp. updated its health and safety plan to ask table game players and spectators to refrain from smoking or vaping.
Tourists compare pre-pandemic Vegas to today's restrictions - VIDEO
We spoke with tourists walking up and down Las Vegas Boulevard about their experience so far amid pandemic restrictions, and how it compares to their last time in pre-pandemic Vegas. (James Schaeffer / Las Vegas Review-Journal)
Boyd Gaming Corp. has laid off at least 2,500 Nevada employees - Video
On May 22, the casino operator issued letters warning of possible impending layoffs . affecting anywhere between 25 and 60 percent of employees. The company had approximately 10,000 employees in Nevada.
Cosmopolitan of Las Vegas gives notice of potential layoffs - VIDEO
The Cosmopolitan of Las Vegas sent the state notice of potential layoffs at the 3,000-room property on the Las Vegas Strip.
Is Nevada the ‘gold standard’ for casino coronavirus response? - Video
Whenever experts begin comparing gaming jurisdictions, you’re bound to hear the phrase “gold standard” dropped in the conversation. (Las Vegas Review-Journal)
Resorts World Las Vegas activates 100,000-square-foot LED screen - VIDEO
Resorts World Las Vegas activated its 100,000-square-foot LED screen on its west tower on Independence Day, showing a digital fireworks display. (Las Vegas Review-Journal)
Station Casinos president dies in watercraft accident - VIDEO
Richard Haskins, president of Red Rock Resorts Inc. and Station Casinos, died Saturday in a watercraft accident in Michigan, according to a statement released by the company. (Las Vegas Review-Journal)
Hockey arena opponents erred in ballot initiative - Video
Opponents of a minor league hockey arena in Henderson collected enough verified signatures to put the disputed project on the November ballot, but then a problem emerged: A procedural error on the petition.
Layoffs at 'The Drew' force staff to sue owner
Rj Business reporter Eli Segall talks about the lawsuit and the future of the unfinished hotel and casino.
Vegas tourists react to mask mandate - VIDEO
Governor Steve Sisolak announced on Wednesday a mandate to wear face masks starting Friday. Down on the Las Vegas Strip tourists reacted on camera to the news. (James Schaeffer / Las Vegas Review-Journal)
THE LATEST
No word yet on plans for site of failed SkyVue project

Investor Wayne Perry is taking ownership of the site of SkyVue, an unfinished eyesore across from Mandalay Bay. No word yet from the Seattle-area businessman on what plans may hold for the Las Vegas Strip land.

Penny sold for $660K at Las Vegas auction

A U.S. penny found a buyer at a Las Vegas auction this week — and though it didn’t sell for nearly as much as it has before, it still hauled in plenty of dough.