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Stocks surge as China trade tensions ease

Trader Jonathan Corpina, left, and specialist Thomas Schreck work on the floor of the New York Stock Exchange,

Stocks are rising sharply on Wall Street Tuesday after Chinese President Xi Jinping offered possible concessions in a trade dispute with the U.S. | AP Photo

Major U.S. stock indexes closed sharply higher after China’s leader sounded a conciliatory tone on trade tensions with the U.S.

Automakers and technology companies climbed Tuesday after President Xi Jinping said he would cut China’s auto tariffs and improve intellectual property protection.

General Motors rose 3.3 percent and chipmaker Nvidia jumped 5.8 percent.

Investors seemed pleased with how Facebook CEO Mark Zuckberg’s Congressional testimony on data privacy started out. Facebook rose 4.5 percent, and rival social media company Twitter increased 5.4 percent.

The S&P 500 increased 43 points, or 1.7 percent, to 2,656.

The Dow Jones industrial average rose 428 points, or 1.8 percent, to 24,408. The Nasdaq added 143 points, or 2.1 percent, to 7,094.

Bond prices fell. The yield on the 10-year Treasury rose to 2.79 percent.