Stocks rise for second straight day as trade tensions ease a bit

|By:, SA News Editor

Stocks rebounded from early losses following reports that the Trump administration was putting off a final decision on whether to impose broad tariffs on automobile and auto-part imports.

Treasury Secretary Mnuchin also said the U.S. was close to resolving a dispute with Canada and Mexico regarding tariffs on aluminum and steel.

The S&P 500, Dow Jones Industrials and the Nasdaq Composite all were down as much as 0.7% intraday before rallying.

The S&P's communication services (+2.1%), information technology (+1%), consumer staples (+0.8%) and consumer discretionary (+0.8%) sectors outperformed the broader market, while financials (-0.5%), materials (-0.2%) and utilities (-0.1%) lagged.

U.S. Treasurys enjoyed some buying interest, pushing both the two-year and 10-year yields to declines of 4 bps to 2.16% and 2.38%, respectively.

WTI crude oil settled +0.4% to $62.02/bbl.

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