Tuesday, August 13, 2019
NEW YORK (AP) — Stocks shot higher on Wall Street after the U.S. government announced it was delaying the implementation of tariffs on certain goods imported from China.
The U.S. Trade Representative said Tuesday that some products were being removed from the list that would be subject to new tariffs of 10 percent as of Sept. 1.
It also said the new tariffs would be delayed until mid-December on other products including cell phones, some kinds of toys and footwear.
The news sent the stocks of U.S. companies that make electronics, shoes and toys sharply higher. Apple jumped 5.4 percent, Mattel soared 10.6% and Steve Madden jumped 4.7 percent.
The Dow Jones Industrial Average jumped 400 points, or 1.6 percent. The S&P 500 index was up 1.5 percent. The Nasdaq jumped 2 percent.