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U.S. stocks closed higher on Tuesday after the U.S. announced a delay in imposing tariffs on some Chinese imports, attracting buyers back and boosting the stock market.
Technology stocks led the three major stock indexes and Apple (AAPL.O) led the rise, after the U.S. released tariff information, easing market concerns about the U.S. -China trade war and increasing signs that the economy is about to slide into recession.
U.S. Trade Representative Letterheiser said the United States will delay the imposition of a 10% tariff on some Chinese products, including laptops and mobile phones, until December 15. The U.S. government was scheduled to impose a 10% tariff on the remaining $300 billion of U.S. and Chinese imports from next month.
"The downward momentum can be blocked because the news does bring some trade optimism," said Joseph Sroka, chief investment officer of NovaPoint. "We are nearing the end of the earnings season, so geopolitical and macroeconomic news will dominate the market direction in the coming weeks."
Apple, which could benefit from the tariff delay, jumped 4.2% and the Philadelphia Semiconductor Index jumped 3.0%.
On the economic front, the U.S. consumer price index accelerated in July, with the core CPI excluding food and energy prices rising by 2.2% year-on-year, the largest increase in six months, much higher than the Federal Reserve's target of 2%.
Good inflation data are unlikely to change market expectations for a further interest rate cut by the Federal Reserve next month, which is struggling to cope with the trade war between the United States and China and its impact on the economy.
"Trade issues may really drag down economic growth," Sroka added. "If the Fed cuts interest rates in September, the market may see this as a safety net and take precautions rather than wait until it's too late to act."

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