Late rally sends U.S. stock indexes higher

Late rally sends U.S. stock indexes higher

Late rally sends U.S. stock indexes higher

One of the best stocks on the New York Stock Exchange (NYSE) today is homebuilder Lennar Corporation (NYSE:LEN). President Donald Trump's top economic adviser, Larry Kudlow, suggested the US tariffs won't be implemented if China lowers barriers to trade. Signaling a tit-for-tat approach, China's Ministry of Commerce said they plan to impose tariffs of up to 25% ( on 106 American products, including soybeans and airplanes, affecting $50 billion of USA goods.

The Dow Jones industrial average climbed 389 points, or 1.6 percent, to 24,033.

"The level of uncertainty has definitely surged", said Adam Sarhan, Chief Executive of 50 Park Investments in NY.

However, Adams said there was good news for food producers, as the Chinese government proposed duties on imported beef but not pork or chicken.

Wall Street was poised for some solid gains at the open Tuesday with Dow futures and the broader S&P 500 futures up 0.5 percent.

At 11:20 a.m. ET.

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The Nasdaq composite increased 71 points, or 1 percent, to 6,941.

The financial sector, which accounts for more than a third of TSX's weight, was the leading decliner with the banks off 1 per cent.

ENERGY: Oil's rally fizzled. The Nasdaq dipped into negative territory for the year. Japan's Nikkei ended the day higher by 0.1%.

Beijing's tariffs on 106 types of American imports, including soybeans, autos and chemical products, are a response to Washington's plans to place tariffs on around 1,300 industrial technology, transport and medical products, as well as steel and aluminum, from China.

Boeing, General Motors, Ford and Caterpillar all dropped sharply.

While manufacturers were the bigger losers as a group, the technology sector's 1.3-per-cent drop weighed the most on the market. On Wednesday, Facebook closed with a small decline, but other big tech names such as Apple and Microsoft closed higher. So far this year, the S&P 500 has had three times as many sessions ( with a 1% move than in all of 2017.

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Semiconductor stocks are seeing notable strength, however, with the Philadelphia Semiconductor Index climbing by 1.1%.

The company also said Facebook information of up to 87 million people, more than initially reported 50m, may have been improperly shared with an analytics firm tied to President Donald Trump's 2016 campaign.

In response, China announced it is raising tariffs on $3 billion of US goods including pork, apples and steel pipe, increasing the risk of a broader conflict that might depress global trade.

Brent crude futures fell 47 cents to $67.65 a barrel, a 0.7-per-cent loss. A barrel of US crude lost 18 cents to $63.33 in electronic trading on the New York Mercantile Exchange.

In the oil markets, a barrel of USA crude gained 22 cents to $63.23 per barrel in electronic trading on the New York Mercantile Exchange while Bren crude, used to price global oils, rose 29 cents to $67.93 in London.

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