Financials News

US stocks trade higher after sharp declines

US stocks trade higher after sharp declines

New York: US stocks traded higher on Tuesday as major indices tried to rebound from sharp declines in the previous session.

The Dow Jones Industrial Average added 262.45 points, or 1.11 per cent, to 23,906.64. The S&P 500 increased 24.84 points, or 0.96 per cent, to 2,606.72, Xinhua news agency reported.

The Nasdaq Composite Index was up 76.46 points, or 1.11 per cent, to 6,946.58.

US equities slumped on Monday, the first trading day in April, as worries about trade issues and a sharp decline in the technology sector weighed on the market.

The Dow Jones Industrial Average lost over 450 points when market closed, while the tech-heavy Nasdaq erased over 2.7 per cent.

In corporate news, shares of Amazon rebounded over 1 per cent on Tuesday after declining over 5 per cent in the previous session, after US President Donald Trump tweeted on Saturday that Amazon was scamming the US Postal Service, adding the service loses “billions of dollars” delivering packages for the e-commerce giant.

Investors were also monitoring the developments of trade relations between China and the US.

China suspended tariff concessions on 128 items of US products including pork and fruits starting Monday, according to the Ministry of Finance.

The statement said it was a countermeasure in response to a previous US move to slap tariffs on steel and aluminium imports.

IANS