Investors came back to Wall Street shopping for stocks Tuesday after the U.S. said it'll delay imposing tariffs on some Chinese products. That drove up shares of Apple, which makes iPhones and MacBooks in China, and that in turn helped lift the three major indexes. The Dow and S&P 500 gained roughly 1-and-a-half percent.
William O'Neil chief investment strategist, Randy Watts:
SOUNDBITE: WILLIAM O'NEIL CHIEF MARKET STRATEGIST, RANDY WATTS (ENGLISH) SAYING:
"People are optimistic that maybe this is a sign that there could be some progress this calendar year on a trade deal. I remain a little bit skeptical on whether we're actually going to get a trade deal this calendar year. There's still a lot of hurdles to overcome."
The Trump Administration said it would delay implementing 10% tariffs on laptops, cell phones, video game consoles, and certain items of footwear and clothing, among other things.
That announcement sparked a rally in shares of companies that are heavily exposed to Chinese demand, such as chip stocks Intel and Nvidia and industrial bellwethers Caterpillar and 3M.
Retail stocks also caught a break...they source much of their products from China. Among them: Foot Locker, Gap, Abercrombie & Fitch and electronics chain Best Buy,
Shares of CBS and Viacom rallied after the media companies reached a deal to reunite.