Traders at the New York Stock Exchange.
(Image credit: Spencer Platt/Getty Images)

The Dow Jones Industrial Average on Tuesday surged nearly 500 points, or about 2 percent, after Chinese President Xi Jinping appeared to offer an olive branch to ease trade tensions with the U.S., The Associated Press reports.

Xi indicated Beijing would "significantly" lower auto tariffs and enforce intellectual property rights of foreign corporations, with Ford rising around 2.3 percent and Apple and Microsoft 1.7 percent each in response. Fears of a trade war between China and the U.S. have caused dramatic plunges in the Dow after President Trump announced steep tariffs on China.

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Jeva Lange

Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.