Stocks Ended Higher after Tariff Delayed
-- Tuesday, August 13, 2019, 16:39 --
U.S. stocks jumped after the Trump administration announced it would be delaying tariffs on certain goods from China beyond the previous September 1 deadline. The Dow Jones Industrial Average rose 372.54 points, or 1.44%, to 26,279.91. The S&P 500 gained 42.57 points, or 1.48%, to 2,926.32. The Nasdaq Composite advanced 152.95 points, or 1.95%, to 8,016.36.
Oil futures rallied on Tuesday, sending U.S. prices up by 4% to their highest finish in almost two weeks. West Texas Intermediate crude for September delivery rose $2.17, or 4%, to settle at $57.10 a barrel. October Brent crude added $2.73, or 4.7%, to $61.30 a barrel.
President Trump delayed the new tariffs on a large batch of Chinese imports that were supposed to go into effect Sept. 1, and exempted some other Chinese imports altogether. The move deescalates Trump’s trade war with China, and amounts to a tacit acknowledgement by Trump that his tariffs might hurt American consumers too much.
Tilray (TLRY) reported wider-than-expected losses in its fiscal second quarter, while sales surged as acquisitions earlier this year padded the Canadian cannabis company’s top-line results. Tilray’s quarterly sales of $45.9 million were up more than three-fold from the year prior.