Markets

US stocks open higher as U.S. temporarily delays Huawei ban

2019-05-21 15:24:55 GMT (Economies.com)

US stocks rose on Tuesday as concerns about the trade war eased following President Donald Trump's decision on Huawei.

 

The US administration has imposed a ban on the use of technologies by the Chinese company, Huawei, because of what it saw as threats to national security.

 

Google has already complied with Trump's decision and announced yesterday it would suspend some business with Huawei and stop providing its mobile phones with the Android OS.

 

However, the US Department of Commerce announced today a temporary exemption to Huawei, to make it possible for the Chinese Tech giant to deal again with US companies.

 

The International Monetary Fund (IMF) and the  Organisation for Economic Co-operation and Development (OECD) have released many warnings about the trade war and its impact on global economic growth.

 

In terms of trade, Dow Jones Industrial Average rose by 0.6% (equivalent to 165 points) reaching 25,847 points, as Nasdaq rose 1% (82 points) to 7,785 points, while Standard & Poor's rose by 0.8% (24 points) to 2,864 points.

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