U.S. stocks close higher after China renews opening-up measures

Updated 2018-04-11 08:45:01 Xinhua

A trader works at the New York Stock Exchange in New York, the United States, on April 10, 2018. (Xinhua/Wang Ying)

U.S. stocks closed higher on Tuesday as investor sentiment was largely strengthened after China announced further opening-up measures.

The Dow Jones Industrial Average gained 428.90 points, or 1.79 percent, to 24,408.00. The S&P 500 added 43.71 points, or 1.67 percent, to 2,656.87. The Nasdaq Composite Index was up 143.96 points, or 2.07 percent, to 7,094.30.

China will launch a number of landmark measures this year to significantly broaden market access, Chinese President Xi Jinping said in a keynote speech at the opening ceremony of the Boao Forum for Asia annual conference in the southern island province of Hainan on Tuesday.[Special coverage]

China will accelerate the opening up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, and open up more areas of cooperation between Chinese and foreign financial markets, Xi said.

He also pledged measures including significantly lowering import tariffs for vehicles and some other products, and enhancing the protection of intellectual property rights.

Shares of U.S. automakers jumped in the wake of Xi's remarks. Ford Motor rose 1.78 percent for the day, while General Motors and Tesla gained 3.28 percent and 5.19 percent, respectively.

Meanwhile, Dow components such as Boeing, Intel and Caterpillar all rallied more than 3 percent for the day.

In corporate news, social media and technology stocks are in the limelight as Facebook's data scandal continues to unfold.

The company's chief executive officer Mark Zuckerberg testified at a joint hearing of the Senate Judiciary and Commerce committees Tuesday afternoon and will testify before the House Energy and Commerce Committee on Wednesday.

Despite the scandal, shares of Facebook rose 4.5 percent to settle at 165.04 U.S. dollars apiece.

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