Street. Investors were encouraged by the white house announcemen that it would delay planned tariffs on some chinese goods. The decisiond hopes that the trade talks between the two economic superpowersould be revived. As one strategist said, the stock market reactions more proof that the trade war has been hanging over this market, and at least for today that liftewas the Dow Jones Industrial average rose 372 points to 26,279, pretty much wiping out yesterdays lossq. The nasas up 152 and the s p 500 added 42. Kayla tausche has the details on todays cooling of tensions. Reporter after days of no news and increasing investor worry on the trade front, tensions thawed with a phone call between u. S. And chinese negotiating principles, which china state tv came at washingtons invitation. Both treasury and usdr declined to comment on whether in negotiations were confirmed, but the two sides are expected to speak by phone again in two weeks justefore a september 1st tariff deadline. In the me
As until today. The move a controversial one and it comes at a time when the u. S. Economy remains solid. The risks come from a slowdown in Global Growth, so the decision to lower rates is considered an insurance cut designed to hel stave off the possibility of an economic downturn. Bu the chairman signalled that this is not the start of a trend and stocks dropped sharply. The Dow Jones Industrial average dropped 333 points to 26,864. It had been down more than 450 points. 500 was off by 32. And the s p Steve Liesman reports tonight from the Federal Reserve. Overnight lending among bank, down by one quarter percentage point to a new range between two and at2. 25 . S largely what the market expected but in a press conference after the statement came out, the fed chairman appeared to dial backns expectator future cuts. The committee is really thinking of this as as a way of adjusting policy to aor somewhat accommodative stance. We think of it as i essentially the nature of a mid cycle ad