US stocks close higher; US-China trade talks in focus

New York: US stocks closed higher, rebounding from a steep sell-off in the previous session as investors continued to monitor the latest development of global trade.

The Dow Jones Industrial Average was up 207.06 points, or 0.82 percent, to 25,532.05 on Tuesday. The S&P 500 was up 22.54 points, or 0.80 percent, to 2,834.41. The Nasdaq Composite Index increased 87.47 points, or 1.14 percent, to 7,734.49, Xinhua reported.

Major US indexes tumbled on Monday after China announced that it would raise the rate of additional tariffs imposed on some of the imported US products starting June 1.

The decision came after the US move to increase additional tariffs on 200 billion U.S. dollars worth of Chinese goods from 10 percent to 25 percent as of May 10.

On the economic front, US import prices advanced 0.2 percent in April, the Labor Department said Tuesday.

The April advance was driven by higher fuel prices, which more than offset decreasing prices for non-fuel imports, said the department.

Prices for US exports rose 0.2 percent in April after a 0.6-per cent rise in March, the department said.

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