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Wall Street higher as China president's remarks calm trade-war fears

Reuters  |  NEW YORK 

By April Joyner

(Reuters) - U.S. stocks were higher on Tuesday as investor concerns about rising U.S.-trade tension eased after Chinese promised to cut import tariffs.

The technology sector <.SPLRCT>, which would be particularly exposed to a negative impact from tense trade relations with China, provided the biggest boost to the

Xi said will widen market access for foreign investors, a point of contention for U.S. Donald Trump's administration.

His comments buoyed global markets, which have been under pressure as and the threatened each other with billions of dollars in tariffs.

"There's less worry about whether tariffs have the possibility of snuffing out global growth," said Kate Warne, at in

The had the highest percentage gain among the S&P's 11 major sectors, adding nearly 4 percent as broke above $70 a barrel.

Only and real estate <.SPLRCR>, which are sensitive to interest rates, posted losses.

U.S. prices rose more than expected in March, indicating that inflation is strengthening.

But the increase in prices did not prompt broader concerns about future market performance.

"It's not enough to offset better expectations about the overall economy," Warne said.

The <.DJI> rose 442.09 points, or 1.84 percent, to 24,421.19, the 500 <.SPX> gained 45.57 points, or 1.74 percent, to 2,658.73 and the Composite <.IXIC> added 141.90 points, or 2.04 percent, to 7,092.24.

U.S. stocks will face a major test in coming weeks as first-quarter earnings pour in. , and will kick off the earnings season on Friday.

Analysts expect quarterly profits for 500 companies to rise 18.5 percent from a year ago, which would be the biggest gain in seven years, according to I/B/E/S.

shares rose 3.5 percent after began his testimony before and took questions from lawmakers.

Zuckerberg's testimony aimed to strike a conciliatory tone in an attempt to blunt possible regulatory fallout from the privacy scandal engulfing his

shares jumped 18.4 percent after reports that the company had restarted merger talks with T-Mobile US Inc . T-Mobile shares rose 6.9 percent.

Advancing issues outnumbered declining ones on the NYSE by a 3.67-to-1 ratio; on Nasdaq, a 3.99-to-1 ratio favored advancers.

The posted 6 new 52-week highs and 1 new low; the Composite recorded 47 new highs and 30 new lows.

(Additional reporting by in Bengaluru; Additional reporting by Diptendu Lahiri; Editing by and Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 00:49 IST