Markets Right Now: Conciliatory tone on trade boosts stocks

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Markets Right Now: Conciliatory tone on trade boosts stocks
In this April 5, 2018, photo, an NYSE logo adorns the entrance to the trading floor the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Tuesday, April 10. (AP Photo/Richard Drew)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening sharply higher on Wall Street as investors were encouraged to see conciliatory remarks from China’s leader over trade.

Automakers and technology stocks posted sizable gains in early trading Tuesday after President Xi Jinping said he would cut China’s auto tariffs and improve intellectual property protection.

General Motors climbed 2 percent, and Apple and Microsoft each rose 2 percent.

The S&P 500 increased 30 points, or 1.2 percent, to 2,644.

The Dow Jones industrial average climbed 347 points, or 1.5 percent, to 24,323. The Nasdaq composite added 86 points, or 1.2 percent, to 7,035.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.79 percent.