Dow surges almost 700 points as trade war fears cool

Tech Stocks Fear Premium Just Jumped to a 13-Year High

Asian stock markets slumped after Beijing responded to the Trump administration's tariff hikes by saying it may order higher import duties on a range of US goods.

The S&P 500 fell 55 points, or 2.1 percent, and the Nasdaq dropped 174 points, or 2.4 percent.

The Standard & Poor's 500 index fell 1.7 percent, to 2,612.62.

USA stocks enjoyed their largest one-day gains in more than two and a half years on Monday, with the S&P 500 index up 2.7%, as concerns of a trade war between U.S. and China eased. Tuesday represented the biggest one-day percentage decline for both the Dow and the Nasdaq since February 8, but only the biggest for the S&P since Friday.

Facebook shares contributed to tech's losses, as they fell 4.9 percent after Bank of America Merrill Lynch reduced its price target on the stock for the second time in five days.

The shares on the social network Facebook also ended with an increase of 0.42% despite the news that the US Federal Trade Commission will investigate company data management. Mnuchin and Lighthizer sent to Mr. Liu late last week, the Trump administration set out specific requests that include a reduction of Chinese tariffs on US automobiles, more Chinese purchases of USA semiconductors and greater access to China's financial sector by American companies, the people said.

Financial stocks surged as bond yields rose. The stock eked out a gain of 67 cents, or 0.4 percent, to $160.06.

Finish Line vaulted $3.28, or 31.1 percent, to $13.83 after the sporting goods retailer agreed to be bought by JD Sports Fashion PLC.

The 10-year Treasury yield climbed to 2.83%. Investors had their eye on the latest company earnings and deal news.

Benchmark US crude declined 30 cents to settle at $65.25 a barrel on the New York Mercantile Exchange. Brent crude, used to price global oils, gained 12 cents to $69.64. Today, it's little changed at 15768.89.

In other energy futures trading, heating oil dropped 1 cent to $2.02 a gallon.

In Asia, Japan's benchmark Nikkei 225 gained 2.7 percent. Seoul's Kospi gained 0.8 percent.

The dollar rose to 105.22 yen from 104.82 yen on Friday. Australia's S&P/ASX 200 added 0.7 percent.

In Europe, Germany's DAX fell 0.8 percent, while France's CAC-40 lost 0.6 percent.

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