U.S. markets started the session in the green today due to news that the United States and China are restarting talks to avert a trade war. The Dow Jones Industrial Average was up over 100 points, the Nasdaq Composite gained 20 points and the S&P 500 was up a little over 10 points as of 10:40 a.m. ET.
Last week, Treasury Secretary Steve Mnuchin hinted that the U.S. was extending an olive branch to China in private talks focused on renegotiating trade terms between the two economic superpowers.
“We’re available any time,” said Mnuchin regarding China. “So there continue to be some quiet conversations. We’re prepared if they’re going to make serious moves to negotiate. Our longer-term objective is not to collect tariffs. Our longer-term objective is to have free and fair and reciprocal trade”
The trade wars between the U.S. and China in particular have been continuously roiling the markets in recent months. The U.S. slapped tariffs on $34 billion worth of Chinese goods totaling over 800 items, prompting China to respond with $34 billion worth of tariffs of their own on over 500 U.S. goods.
Meanwhile, the markets are building momentum on the news with 3M Co, Pfizer and Boeing Co boosting the Dow. KLA-Tenor Corp and Illumina Inc are leading the Nasdaq as well as the S&P 500.
Related: China: Your Top Questions Answered by Industry Experts
The news also positively affected the Asian markets with the Chinese yuan rising against the dollar on Tuesday in offshore trading.
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