US stocks jump over 2% due to reports of de-escalation of US-China trade tension –

US stocks rebounded on Tuesday as release of quarterly earnings reports and hints at the de-escalation of US-China trade tensions boosted market sentiment. The rally followed steep losses in the previous session and was led by a sharp rebound in bluechip and technology stocks. The Nasdaq Composite climbed 2.7 per cent, Dow Jones Industrial Average jumped over 2.6 percent, and S&P 500 rose two and a half percent. Meanwhile, President Donald Trump backed off from threats to dismiss Federal Reserve Chair Jerome Powell after days of intensifying criticisms of the central bank chief for not cutting interest rates. Trump also expressed optimism regarding a potential trade agreement with China, suggesting it could lead to substantially lower tariffs on Chinese goods.