Apple leads Wall Street rally as US delays on tariffs

REUTERS: U.S. stocks surged more than 1.5per cent on Tuesday after the Trump administration said it would delay 10per cent tariffs on some Chinese products, including laptops and cell phones, driving a 4per cent rally in shares of iPhone maker Apple Inc.

"The escalation of the U.S. China trade war has been an overhang ... and the fact that we have got a bit of a reprieve on that is putting a bit of optimism into markets," said Art Hogan, chief market strategist at National Securities in New York. A 4.2per cent jump in shares of Apple, which makes iPhones and MacBooks in China, along with a rise in chip stocks pushed the technology sector 2.24per cent higher. The Philadelphia chip index rose 3.16per cent.Industrial bellwethers 3M Co and Caterpillar Inc , traditionally among the most sensitive to trade concerns and China, jumped about 3per cent each, while the S&P 500 retailing index also jumped 2.12per cent.

For some analysts, that data spoke against the U.S. Federal Reserve delivering aggressive further cuts in interest rates, expectations of which have been an important pillar propping up sentiment since June.

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