U.S. stocks opened higher after a Chinese government official said Beijing would not immediately respond to President Donald Trump's latest round of tariff hikes last week. The S&P 500 SPX, +1.17% was up 0.8% to around 2,910. The Dow Jones Industrial Average DJIA, +1.11% advanced 244 points, or 0.9%, to 26,280. The Nasdaq Composite COMP, +1.50% climbed 1.2% to 7,951. Equities jumped at the sign that Beijing may be moving to ease trade tensions instead of escalating the U.S.
A spokesperson for China's commerce ministry said "the question that should be discussed now is about removing the new tariffs to prevent escalation." He also said both sides were discussing a planned meeting next month. A revision of second-quarter GDP growth showed the U.S. economy was still expanding at a steady clip of 2%, driven by strong consumer spending. In company news, shares of Best Buy Co. Inc BBY, -7.92% fell 5.
I bolive this drama continue 😮😮😮
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