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19-Sep2018

US markets end higher on Tuesday

The US markets ended higher on Tuesday, as traders shrugged off concerns about the escalating trade war between the U.S. and China. Traders seemed to be expressing relief that the rates of tariffs the U.S. will impose on Chinese goods and retaliatory tariffs China will impose on U.S. goods are not as high as feared. US President Donald Trump announced new tariffs on approximately $200 billion worth of Chinese imports on Monday, although the tariffs will initially be set at 10 percent compared to the 25 percent previously floated by the administration. However, the tariffs are set to rise to 25 percent on January 1, and Trump said the U.S. would impose tariffs on another $267 billion worth of Chinese imports if China takes retaliatory action.

Despite the threat from Trump, China announced it will retaliate by imposing tariffs on $60 billion worth of U.S. goods, effective September 24. The Chinese tariffs will reportedly range from 5 percent to 10 percent after China previously earmarked some goods for a 20 percent levy. On the economic front, the National Association of Home Builders released a report showing homebuilder confidence has held steady in the month of September. The report said the NAHB/Wells Fargo Housing Market Index came in at 67 in September, unchanged from August. The street had expected the index to edge down to 66.

Dow Jones Industrial Average surged 184.84 points or 0.71 percent to 26,246.96, the S&P 500 gained 60.31 points or 0.76 percent to 7956.11 and Nasdaq was up by 15.51 points or 0.54 percent to 2,904.31.


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