Dow Surges More Than 400 Points as China’s Xi Alleviates Trade War Fears

Xi said Beijing will "significantly lower" tariffs on auto imports this year and ease restrictions on foreign ownership in the auto industry "as soon as possible"

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Stocks rallied on Tuesday as Wall Street breathed a sigh of relief after China's president said he would work to "open" the country's economy, easing trade war fears, CNBC reported.

The Dow Jones industrial average closed 428.90 points higher at 24,408, with Boeing as the best-performing stock in the index. The S&P 500 gained 1.8 percent to close at 2,656.87, with energy leading nine of 11 sectors higher. The Nasdaq composite advanced 1.7 percent to 7,094.30.

Boeing and Caterpillar both rose more than 3 percent as concerns of a trade war were alleviated. 

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