Dow jumps 300, rebounds from worst day of year
(CNBC) — Stocks jumped on Tuesday, rebounding from their worst day of the year, after China’s central bank indicated it wanted its currency to trade at a higher-than-expected level against the dollar, easing tensions about the nation using its currency as a weapon in the trade war.
The Dow Jones Industrial Average closed 315 points higher. The S&P 500 was up 1.3% while the Nasdaq Composite climbed 1.5%. The Dow snapped a five-day losing streak, while the S&P 500 and Nasdaq rose for the first time in seven sessions.
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