Equity futures are point to continued gains after the U.S. announced additional tariffs on Chinese goods and the expected retaliation by China.
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Dow Jones futures were rising by 0.11%. The S&P 500 added 0.05% and the Nasdaq Composite was up 0.15%.
President Donald Trump on Monday escalated the U.S.-China trade war by announcing new tariffs on about $200 billion of Chinese imports.
The move, which had been expected since at least the weekend, imposes 10 percent tariffs on the products. The levies will climb to 25 percent beginning Jan. 1, 2019.
China quickly responded with tariffs on $60 billion in U.S. exports.
Asian markets have ignored the latest round of the trade war to trade higher.
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China’s Shanghai Composite rose more than 1 percent.
Hong Kong’s Hang Seng was up 1 percent.
Japan’s Nikkei ended the day up 1.1 percent.
In European trading, London’s FTSE opened up 0.12 percent, Germany’s DAX gained 0.08 percent and France’s CAC was off 0.02 percent.
In Tuesday’s trading, the Dow Jones Industrial Average added 184.84 points, or 0.71 percent, closing at 26,246.96. The S&P 500 rose 15.51 points, about 0.5 percent, to 2,904.31. The Nasdaq Composite climbed 60.32 points, or 0.76 percent, to 7,956.11.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26246.96 | +184.84 | +0.71% |
| SP500 | S&P 500 | 2904.31 | +15.51 | +0.54% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7956.1068 | +60.32 | +0.76% |
In company news, General Mills fell 7.6 percent after the food company released its latest earnings. General Mills topped analysts’ expectations in terms of earnings, but revenue was a miss. The company reiterated its full-year forecast.
On today’s economic calendar, traders will get to examine data on housing starts and building permits.
FOX Business’ Leia Klingel contributed to this article.
