Markets surge on trade reliefs

U.S. stocks surged thanks to a less-aggressive stance on trade taken by Chinese President Xi Jinping with the Dow Jones Industrial Average jumping 428.90 points, or 1.8%, to 24,408.00. The day’s gains were broad, with 28 of the 30 Dow components as well as nine of the 11 S&P 500 sectors finishing in positive territory. Energy was the biggest gainer, up 3.3%, while tech shares jumped 2.5%. The S&P 500 finished 43.71 points, or 1.7%, higher to 2,656.87. The Nasdaq Composite Index climbed 143.96 points to 7,094.30, a gain of 2.1%.

European markets also closed higher with the DAX leading the gains, closing up 1.1%. The autos sector performed well, closing up 1.9 percent. Porsche and Volkswagen led the way, both ending trade up around 4.5% on Chinese President Xi Jinping’s proposals for lowering tariffs on car imports. Anglo American, was the second best sectoral performer, rising in afternoon trade to close over 5 percent higher. BHP Billiton, Arcelormittal and Rio Tinto all finished Tuesday around 3 percent in the green.

Facebook’s Zuckerberg testifies before Congress

Facebook Inc. co-founder Mark Zuckerberg defended the social network’s value before Congress and pledged to correct its mistakes, as senators questioned whether he’ll deliver after years of failed assurances that he’d protect user privacy. But lawmakers were less convinced by the billionaire chief executive officer’s mea culpa — “it was my mistake and I’m sorry” — and promise he’ll do better after failing to do enough to prevent the social network from being misused for fake news, Russian election interference and hate speech.

Zuckerberg’s trip to Washington came after weeks of damaging reports about the social network’s data practices. The CEO and his deputies mounted a defense ahead of two days of congressional hearings, his first testimony at the Capitol. He’s scheduled to appear on Wednesday before the House Energy and Commerce Committee. Facebook shares jumped as Zuckerberg spoke, closing up 4.5 percent in New York trading.

Escalating conflicts in Syria

President Donald Trump intensified preparations for a U.S. response to a suspected chemical weapons attack in Syria. Trump said late Monday that the U.S. will respond “forcefully” to a suspected chemical weapons attack by Syrian President Bashar al-Assad’s regime over the weekend, after suggesting earlier that Russian President Vladimir Putin may share responsibility.

Eurocontrol, an air traffic agency in Europe, asked airlines to apply caution on flights to the eastern Mediterranean region because of possible air strikes in Syria over the next 72 hours. “Due consideration needs to be taken when planning flight operations in the Eastern Mediterranean,” the agency said in a statement posted on its website citing the European Aviation Safety Authority. The EASA issued a rapid alert notification for the eastern Mediterranean and Nicosia areas, Eurocontrol said.