Investing.com – Wall Street was higher on Tuesday as investors shook off fears of a global trade war.
The S&P 500 was up five points or 0.20% to 2,663.88 as of 9:39 AM ET (13:39 GMT) while the Dow composite increased 70 points or 0.29% to 234,273.45 and tech heavy NASDAQ Composite rose 21 points or 0.29% to 7,241.84.
Reports on Monday of trade negotiations between China and the U.S. prompted a surge in stocks, with the Dow closing more than 600 points higher.
China has offered to buy more semiconductors from the U.S., as well as opening up the financial services sector to foreign investment, the Financial Times reported. Last week U.S. President Donald Trump had imposed tariffs on $60 billion in Chinese imports, which prompted worry of a global trade war.
Shares of Facebook (NASDAQ:FB) were down 1.23% after the morning bell . The social media giant tumbled on Monday after the Federal Trade Commission confirmed it is investigating how Facebook handles user data. Facebook has faced criticism after a third-party app was used to target 50 million users without their knowledge.
Meanwhile Microsoft (NASDAQ:MSFT) rose 1.07% after being upgraded by Morgan Stanley (NYSE:MS) while Apple (NASDAQ:AAPL) increased 0.94% and payment processor Square (NYSE:SQ) was up 2.50%.
Elsewhere Micron Technology Inc (NASDAQ:MU) fell 1.48% while Tesla (NASDAQ:TSLA) dipped 0.93% and Netflix (NASDAQ:NFLX) decreased 0.33%.
In Europe stocks were up. In Germany the DAX rose 198 points or 1.69% while France’s CAC 40 increased 59 points or 1.17% and in London the FTSE 100 was up 140 points or 2.05%. Meanwhile Spain’s IBEX 35 gained 88 points or 0.94% and the pan-European Euro Stoxx 50 inched up 48 points or 1.48%.
In commodities, gold futures fell 0.98% to $1,341.70 a troy ounce while crude oil futures rose 0.55% to $65.91 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rallied 0.53% to 89.11.