Investing.com – Wall Street surged on Tuesday after the U.S. Trade Representative office said it would delay tariffs on some Chinese goods to Dec. 15.
The Dow rose 450 points, or 1.7%, by 10:19 AM ET (14:19 GMT), while the S&P 500 gained 51 points, or 1.7%, and the Nasdaq Composite was up 174 points, or 2.2%.
The office determined that tariffs on certain articles would be delayed until Dec. 15, including "cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing," the USTR said in press release.
Tensions between the U.S. and China have escalated over the last few weeks, as U.S. President Donald Trump said he would increase tariffs on Chinese goods on Sept. 1.
Technology stocks recovered, with Apple (NASDAQ:AAPL) up 1.5%, Facebook (NASDAQ:FB) gaining 1.2% and Tesla (NASDAQ:TSLA) inching up 0.3%. Verizon (NYSE:VZ) rose 0.6% after reports that it is selling its blogging website Tumblr for an undisclosed amount to WordPress owner Automatic.
JD.com jumped 8% after the China-based internet company reported a 23% rise in quarterly revenue, while Mattel (NASDAQ:MAT) surged 8% and Hasbro (NASDAQ:HAS) gained 6.2%.
Uber (NYSE:UBER) extended its fall by 2.1% amid investor concerns over growth, while Advanced Micro Devices (NASDAQ:AMD) fell 1.5%.
In commodities, crude oil jumped 2.5% to $56.34 a barrel while the U.S. dollar index, which measures the greenback against a basket of six major currencies, inched up 0.3% to 97.458. Gold futures fell 0.3% to $1,511.30 a troy ounce.
-- Reuters contributed to this report.