US-China pacification returns global markets to flight
Global markets jumped on support from strong gains in technology and industrial stocks linked to trade, after the United States and China agreed to temporarily stop charging new fees. The Dow Jones industrial average <.DJI> was up 241.11 points, or 0.94 percent, at 25,779.57. The Standard & Poor's 500 Index was up 30.33 points, or 1.10 percent, at 2,790.50. The Nasdaq Composite Index was up 155.59 points, or 2.12 percent, at 7,486.13.
In Europe, mining, auto, technology and oil shares also rose, led by the major indexes to rise strongly after the China-US agreement. The German DAX, the most heavily hit by China and trade fears, led the upside, rising 2.5% to its highest level since November 14, European equities 1.9% and the strongest performance in eight months.
Tokyo's Nikkei average rose to a six-week high for the same reason, rising 1% to 2,574.76 points, its highest closing since October 22. Shares of technology, automobile and machinery companies with high exposure to the Chinese market were performing better than the market.