Stock Market News: August 13, 2019

U.S. stocks jumped after the Trump administration announced they would postpone customs duties on certain goods from China beyond the previous September 1 deadline. The news also sent bond yields higher, after the curve flattened most for more than a decade earlier in the session.

Here were the key features of the market, as of 10:32 PM ET:

• S&P 500 (^ GSPC): + 1.96%, or 56.39 points

• Dow (^ DJI): + 1 , 94%, or 503.34 points

• Nasdaq (^ IXIC): + 2.22%, or 174.57 points

• 10-year Treasury yield (^ TNX): +7.5 bps to 1.715%

• US dollar to Chinese yuan rate on land (CNY = X): + 0.0992% to 7.0647

The US Commerce Representative's office announced on Tuesday that products including "mobile phones, laptops, video game consoles, certain toys, computer screens and certain footwear and clothing "will not be hit with a 10% tariff until December 15. Originally, in early August, President Donald Trump announced that he would introduce a $ 10 billion 10% tariff on Chinese imports worth 1 September, which would have included many of these items.

"Certain products are removed from the tariff list based on health, safety, national security and other three factors and will not face additional duty rates of 10 percent, "the USTR said in a statement.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Shares of Apple ( AAPL ) led Dow higher, with iPhone manufacturer's shares more than 4.5% following USTR's statement. "Data-reactid =" 25 "> Shares of Apple (AAPL) led Dow higher, with iPhone manufacturer stocking up more than 4 , 5% following USTR's statement.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Announcement came after China's Deputy Prime Minister Liu Han spoke to U.S. Commerce Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on the phone Tuesday night, & nbsp; according to China's state media agency Xinhua . Both sides agreed to hold a new interview within two weeks of the discussions, which after allegedly focused on $ 300 billion worth of Chinese goods 10% tariffs, "data-reactid =" 26 "> The announcement came after China's Deputy Prime Minister Liu Han spoke to US Trade Representative Robert Lighthizer and Finance Secretary Steven Mnuchin over the phone Tuesday night, according to China's state media agency Xinhua . Both sides agreed to hold another call within two weeks of the discussions, which reportedly focused on 10% US $ 300 billion Chinese tariff rates,

Earlier in the session falling bond yields and a narrow spread between the close monitored 10-year and 2-year returns sent contracts on the three largest stock indices lower, before USTR's announcement triggered a stock boom. Even after the news, short-term returns increased more than on the longer end of the curve.

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Uncertainty about the global outlook had also added to investor jitters, with geopolitical turmoil mounted everywhere from Latin America to Asia.

<p class = "canvas atomic canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Argentina's peso fell to record lows of around $ 60 per Monday and remained weaker than $ 50 into Tuesday's session, after center-right President Mauricio Macri performed worse than expected in the primary election over W eekend. The poor performance of the more market-friendly leader sent Argentine shares tumbling, with Global X MSCI Argentina ETF ( ARGT ) down more than 24% Monday before mating any losses Tuesday morning. "Data-reactid =" 40 "> Argentina's peso fell to a record low of around 60 per dollar Monday and remained weaker than 50 per dollar into Tuesday's session, after center-right President Mauricio Macri performed worse than expected in the primary election this weekend. weak performance from the more market-friendly leader sent Argentine stocks tumbling, with Global X MSCI Argentina ETF (ARGT) down more than 24% Monday before pairing any losses Tuesday morning.

Meanwhile, the People's Bank of China gained its yuan of 7.0326 per dollar on Tuesday, marking the fourth straight session with the currency weaker than the psychological level of 7 per dollar. However, this was still stronger than expected by consensus analysts, according to Reuters compiled esti comrades. The yuan against the US dollar is still a closely monitored currency pair after the Ministry of Finance officially appointed China as currency manipulator last week amid an ongoing trade war with the United States

In Hong Kong, flights were canceled from Hong Kong International Airport for another day in a row, as protesters from democracy took over the global transport hub. This marked the fifth straight day as activists flooded the airport, with sit-ins starting in one of the busiest commuter centers in the world as of Friday.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = "Shares of Cathay Pacific ( 0293.HK ), a Hong Kong-based airline, fell 2.5% on Tuesday on the Hong Kong Stock Exchange, widening its decline on Monday, saying the airline would cooperate with China's aviation authority banning employees who supported Hong Kong protests from flying to and over China. "data-reactid =" 56 "> Shares of Cathay Pacific (0293.HK), a Hong Kong-based airline, fell 2.5% on Tuesday on the Hong Kong Stock Exchange , and expanded Monday's decline. The airline said this weekend it would cooperate with China's aviation authority, which bans employees who supported the protests in Hong Kong from flying to and over mainland China.

History continues