US stocks close on big gains as fears of a trade war wane

UNITED STATES (OBSERVATORY) – US stocks jumped on Tuesday as concern over growing trade tensions between the United States and China eased after Chinese President Xi Jinping promised to cut import duties.

The Dow Jones industrial average ended up 428.90 points, or 1.79 percent, at 24,408.00. The broader Standard & Poor’s 500 Index <.SPX> was up 43.71 points, or 1.67 percent, to close at 2,566.87.

The Nasdaq Composite Index closed up 143.96 points, or 2.07 percent, at 70,944.30.