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U.S. stocks rose on Tuesday, boosted by a rise in technology stocks, after the U.S. temporarily eased restrictions on Huawei in China, easing investors'concerns about future performance of the technology industry.
U.S. President Trump blacklisted Huawei last week, causing several companies to suspend business with the world's largest telecom equipment manufacturer, which could put pressure on their sales. Chip makers took the lead in Monday's sell-off, with many of their products sold to Huawei.
Later Monday, however, the latest development, which gave the Chinese telecom equipment maker permission to buy U.S. products by August 19, gave wafer stocks a respite. The Philadelphia Semiconductor Index rose 2.1%, ending a three-day decline.
Shares of Huawei suppliers such as Intel (INTC.O), Qualcomm (QCOM.O), Xilinx (XLNX.O) and AVGO.O. rose between 1% and 4.6%.
Among the major S&P 500 stocks, technology stocks rose 1.2%, the largest increase.
"Shares that have suffered a lot in the past few days have taken a breather," said Keith Lerner, chief market strategist at Sun Trust Advisory Services. "Huawei has cast a shadow over the technology industry. Huawei incident has a wide range of impacts, many companies are associated with it.

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