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Stocks - Wall Street Opens Higher; China Retaliates on U.S. Tariffs

Wall Street opened higher on Tuesday.

Investing.com - Wall Street was higher on Tuesday, as investors shrugged off news that China is retaliating against a fresh round of U.S. tariffs.

The S&P 500 rose 9 points, or 0.34%, to 2,898.68 as of 9:36 AM ET (13:36 GMT), while the Dow increased 77 points, or 0.30%, to 26,140.10 and the tech-heavy Nasdaq Composite jumped 43 points, or 0.56%, to 7,939.77.

China said it would impose new tariffs on U.S. goods worth $60 billion, effective Sept. 24, Reuters reported. The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year.

Donald Trump tweeted that “there will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!” He previously stated that the U.S. would impose tariffs on another $267 billion of additional imports if China retaliates.

Apple (NASDAQ:AAPL) inched down 0.13% after the White House spared a category of high-tech products from tariffs that Apple uses for its Watch and AirPods.

Avon (NYSE:AVP) surged 6.25% amid reports that Brazil’s Natura Cosmeticos has approached the cosmetics company about a takeover. Amazon.com (NASDAQ:AMZN) rose 0.87%, while Tesla (NASDAQ:TSLA) jumped 1.68% and medical marijuana company Tilray (NASDAQ:TLRY) rose 12.75%.

Elsewhere, Oracle (NYSE:ORCL) dipped 2.91% after its revenue for cloud services were less than expected, while Chinese e-commerce firm Alibaba (NYSE:BABA) fell 1.25%.

In Europe stocks were flat. Germany’s DAX rose 1 point, or 0.01%, while in France the CAC 40 increased half a point, or 0.01%, and in London the FTSE 100 was down 2 points, or 0.04%. Meanwhile, the pan-European Euro Stoxx 50 lost 2 points, or 0.07%, while Spain’s IBEX 35 rose 20 points, or 0.22%.

In commodities, gold futures rose 0.14% to $1,207.50 a troy ounce, while crude oil futures jumped 1.67% to $69.83 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.19% to 93.91.

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