Stock Market News: Apple, Gap Soar on Tariff Delays
Wall Street had a celebration on Tuesday morning after news of a breakthrough in the trade negotiations between the U.S. and China raised hopes that the two countries would be able to resolve their issues and find a more comprehensive solution. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 439 points to 26,337. The S&P 500 (SNPINDEX: ^GSPC) rose 45 points to 2,928, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) climbed 156 points to 8,019.
Trade has been a thorn in the side of hundreds of major companies, but a few have far more exposure to China than others. That's a key reason why mobile device giant Apple (NASDAQ: AAPL) and apparel retailer Gap (NYSE: GPS) are standout winners early in Tuesday's trading session. Investors hope that further progress on the trade front will allow the market to focus on their fundamental prospects for future growth.
Shares of Apple were up more than 4% as investors celebrated the potential positive impacts of more cordial trade relations between the U.S. and China. In particular, the White House said it would delay the implementation of the latest round of tariffs for several months, including key Apple products like cellphones and laptops.
Source Fool.com
