(CNBC) — Stocks rallied on Tuesday as Wall Street breathed a sigh of relief after China’s president said he would work to “open” the country’s economy, easing trade war fears.
The Dow Jones industrial average closed 428.90 points higher at 24,408, with Boeing as the best-performing stock in the index. The S&P 500 gained 1.8 percent to close at 2,656.87, with energy leading nine of 11 sectors higher. The Nasdaq composite advanced 1.7 percent to 7,094.30.
Boeing and Caterpillar both rose more than 3 percent as concerns of a trade war were alleviated.