Dow rallies 429 points as China’s Xi eases trade war fears

iStock/Thinkstock(NEW YORK) — U.S. stocks closed in the green on Tuesday as comments from China’s president eased trade war concerns.

The Dow Jones Industrial Average climbed 428.90 (+1.79 percent) to finish the session at 24,408.00.

The Nasdaq jumped 143.96 (+2.07 percent) to close at 7,094.30, while the S&P 500 finished trading at 2,656.87, up 43.71 (+1.67 percent) for the day.

Crude oil prices soared 3.66 percent to about $66 per barrel.

Trade:  At a business conference on Tuesday, Chinese President Xi Jinping pledged to cut China’s auto tariffs and improve intellectual property protection, a move that eased investors’ concerns of a trade war between the U.S. and China.

Winners and Losers:  Shares of Facebook soared 4.50 percent as CEO Mark Zuckerberg testified before Congress. Twitter (+5.43 percent) and Snap Inc (2.33 percent) also rallied on his testimony.

Tupperware Brands sunk 11.49 percent after lowering its outlook, blaming lower sales and a higher tax rate from the new tax law.

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