U.S. stocks rose on Tuesday after Chinses Chairman Xi Jinping eased concerns about the trade war which has caused panic in the market recently. Reportedly, The Dow Jones Industrial Average rose 369 points, or 1.5%, to 24348. The S&P 500 climbed 1.3%, and the technology-focused Nasdaq added 1.4%.
Tech stocks were among the best performers in the S&P 500, rising 1.4%. Apple Inc. (NASDAQ: AAPL) shares climbed 1.7%, while Microsoft added 1.5%. Shares of Facebook also went up 1.7%.
At the annual economic summit, Boao Forum, Mr. Xi Jinping pledged Beijing’s commitment to further economic liberation, and promised greater intellectual property protection and increased access to China’s financial and manufacturing sectors for foreign companies.
“In a world aspiring for peace and development, the Cold War and zero-sum mentality look even more out of place,” Mr. Xi said at the forum. Even though he did not make direct reference to President Trump or trade tensions with the U.S, “his conciliatory tone was taken well by the market”, commented by Wall Street Journal.
Additionally, in Asia, Hong Kong’s Hang Seng Index rallied 1.7%, as did Shanghai’s composite index, with Chinese banks among the sharpest risers. The Shenzhen composite index climbed 0.5%.