USA stocks close higher after sharp declines

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China announced before markets opened Monday that it would impose a 15 percent tariff on more than 120 goods imported from the USA, including pork, fruit and nuts. Amazon slipped after Donald Trump renewed his criticism.

Chipmakers, many of which have the highest revenue exposure to China among S&P 500 companies, also fell.

Intel dove 6.1 percent following a report in Bloomberg News that Apple plans to start using its own chips in Mac computers as early as 2020.

The S&P 500 rose 0.37 per cent to 2,591.43 and the Nasdaq Composite gained 0.57 per cent to 6,909.08.

At the close, the Dow Jones industrial average trimmed an earlier loss of more than 750 points and finished down almost 459 points, or 1.9%, to 23,644.19.

And thanks to the all the volatility in the market, the S&P 500 saw 3 of the last 5 weeks ending low, which ended up taking the index into negative territory by the end of the quarter by 2.7%, and for the year so far.

US Treasuries fell, pushing yields on the 10-year note two basis points higher to 2.75 percent. However, if bulls fail to adequately defend this trend line, then the market decline could get ugly.

"The fact that a country has actually raised tariffs in retaliation is an important step in the wrong direction", she said.

Investors were also monitoring the developments of trade relations between China and the US. "And that could be true for Mexico as well as for China".

The amount of goods affected is a small share of China's $150 billion in annual imports of US goods.

Despite its recent losses, Amazon stock is still up about 18 percent in 2018. He claimed again that Amazon has an unfair tax advantage that is forcing other retailers out of business, as well as claiming the U.S. Postal Service is losing a fortune on Amazon shipping.

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Meanwhile, some investors are still concerned that too much of the market's gains in recent years has been concentrated in a few stocks.

"It seems like the long arm of the government is interfering with investors' expectations", he said.

Microsoft dropped 3 percent and Alphabet, Google's parent company, shed 2.4 percent. This included the steel and aluminum tariffs imposed by Trump as well as the data privacy scandal that Facebook has been involved in.

Bond prices turned higher. Instead, it could flow into more traditional stocks in the Dow Jones Industrial Average.

State Street rose 1.2 percent Tuesday.

Brent crude, used to price global oils, rose 16 cents to $67.80 in London.

The financial sector, which accounts for more than a third of TSX's weight, was the leading decliner with the banks off 1 per cent.

Tesla fell $13, or 4.9 percent, to $253.13.

The UK pound was flat against the United States dollar at US$1.41 while the Japanese yen dipped 0.3% to 106.25 per USA dollar. The euro edged up to $1.2308 from $1.2306.

The dollar edged down to 105.87 yen from Monday's 105.89 yen as currency traders shifted money into the Japanese currency, seen as a haven in times of market turmoil. The Toronto Stock Exchange's S&P/TSX Composite Index was down 106.59 points, or 0.7 per cent, to 15,074.17, rebounding slightly after falling its lowest level since February 9.

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