Wall Street ends nearly 1% higher as trade concerns take second place

US stock indices closed sharply higher, with the energy and tech sector leading the charge, while markets price in the latest round of reciprocal tariffs between US and China as less damaging than previously feared. 

An index tracking US housing sector steadied at 66 for the day, hours before data on housing starts and building permits. 

The White House announced new 10% tariffs on $200 billion worth of Chinese imports, to be increased to 25%, after the US already imposed 25% tariffs on $50 billion worth of Chinese imports, with China retaliating with 5-10% tariffs on $60 billion worth of US products. 

President Donald Trump threatened to impose new tariffs on $267 billion worth of Chinese imports if Beijing retaliated to the latest ones. 

US trade secretary Wilbur Ross said China "is out of bullets" to retaliate against US tariffs, noting that the measures are intended to change Chinese behavior, with close studying to guarantee limited increases to inflation. 

China filed another complaint against the US to the World Trade Organization, which isn't the first time China has done such a move. 

 Indices, Commodities 

Dow Jones rose 0.71%, or 184.84 points to 26,246.96, while Standard and Poor's 500 climbed 0.54%, or 15.51 points to 2,904.31. NASDAQ Composite advanced 0.76%, or 60.32 points to 7,956.11. 

Gold futures due in December shed 0.25% to $1,202.80 an ounce, while the dollar index rose 0.13% to 94.62 against a basket of major rivals. 

US crude futures due in October rose 1.25% to $69.77 a barrel, while Brent November futures rallied 0.99% to $78.82 a barrel.