Stocks Opened Higher after China Announced Tariff Reductions

U.S. stocks advanced on Monday after China announced it will be cutting tariffs on hundreds of products just weeks before the planned signing of an interim trade deal with the U.S. The Dow Jones Industrial Average lately rose 106.06 points, or 0.37%, to 28,561.15. The S&P 500 added 3.75 points, or 0.12%, to 3,224.97. The Nasdaq Composite gained 14.04 points, or 0.16%, to 8,939.00.

Oil futures were tilting slightly higher Monday. West Texas Intermediate crude for February delivery fell edged 7 cents, or 0.1%, higher at $60.51 a barrel. February Brent crude was up 12 cents, or 0.2%, at $66.26 a barrel.

China’s Ministry of Commerce on Monday published a list of 859 products that will be subject to temporary import tariffs, which are lower than the country’s most-favored nations rate.