US stocks close sharply higher on US China tariff news

The major US stock indices are sharply higher on US/China tariff news. Over the weekend the US slashed tariffs for the next 90-days on China goods from 145% to 30% inclusive of a 20% tariff due to fentanyl. The news led to sharp buying which did not abate. The broader S&P and Nasdaq indices had their 2nd best days going back to 2022.

The final numbers are showing:

• Dow industrial average rose 1160.7 2.2 or 2.81% to 42,410.10. That was the second-best day going back to November 6, 2024.
• S&P index rose 184.28 points or 3.26% at 5844.19. That was the 2nd-best % day going back to November 10.
• NASDAQ index rose 779.43 points or 4.35% at 18708.34. That was the second-best day since November 30.
• The Russell 2000 rose 16.12 points or 3.42% at 2092.19. For that index, it was a second-best day since November 6, 2024

Some of the bigger winners today included:

• Shopify Inc +13.71%

• First Solar +11.07%

• Block +9.29%

• Lam Research +9.18%

• Amazon.com +8.09%

• Meta Platforms +7.92%

• Arm +7.77%

• Micron +7.49%

• Papa John’s +7.26%

• Gilead +7.12%

• FedEx +6.94%

• Tesla +6.82%

Looking at some of the other leading gainers:

• Alphabet +3.74%
• Microsoft, +2.40%
• Nvidia, + 5.44%
• Nike +7.34%

This article was written by Greg Michalowski at www.forexlive.com.