Apple stock soars almost 6% after announcement of temporary truce in the U.S./China tariff war
Apple stock has soared almost 6% at market open, following the announcement of a (temporary) easement of US tariffs on China.
Apple stock closed on Friday, at $198.53. On market open today, it jumped to over $211 and has settled around $207, up about 5%.
A joint statement on Monday said that for a 90-day period, the U.S. will cut tariffs on Chinese goods to 30% from as high as 145%. China said its tariffs on U.S. goods will fall to 10% from 125%.
As noted by The Wall Street Journal, Wall Street cheered the development with futures for the S&P 500 jumping 3.1%, while futures for the Dow Jones Industrial Average rose 2.5%. Futures for the Nasdaq, home to the biggest U.S. technology companies, soared 3.9%.
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