After edging slightly lower early in the session, stocks have shown a substantial move to the upside over the course of morning trading on Tuesday. The major averages have jumped firmly into positive territory, more than offsetting the steep losses posted in the previous session. In recent trading, the major averages have reached new highs for the session. The Dow is up 506.72 points or 2 percent at 26,404.43, the Nasdaq is up 197.44 points or 2.5 percent at 8,060.86 and the S&P 500 is up 58.40 points or 2 percent at 2,941.49. The rally on Wall Street comes after the U.S. Trade Representative announced President Donald Trump's plan to impose a 10 percent tariff of certain Chinese imports will be delayed, with some products being removed from the tariff list entirely. The USTR said certain products included in a May list of Chinese imports that could potentially be subject to additional tariffs will be spared based on health, safety, national security and other factors. The imposition of the 10 percent tariff on other products, including cell phones, laptop computers, video game consoles, and toys, will be delayed until December 15. The USTR said the delay is part of its public comment and hearing process and noted it intends to conduct an exclusion process for products subject to the additional tariffs. The news has offset recent concerns about the escalating U.S.-China trade war, which have contributed to strength among U.S. treasuries and a subsequent slump in yields. The yield on the benchmark ten-year note has rebounded after previously threatening to drop below the yield on the two-year note, which is widely seen as indicator of an impending recession. In U.S. economic news, the Labor Department released a report showing consumer prices rose in line with economist estimates in the month of July, although the report also showed another bigger than expected increase in core consumer prices. The Labor Department said its consumer price index climbed by 0.3 percent in July after inching up by 0.1 percent in both May and June. Economists had expected prices to rise by 0.3 percent. Excluding food and energy prices, core consumer prices also rose by 0.3 percent for the second consecutive month, while economists had expected a 0.2 percent uptick. Andrew Hunter, Senior U.S. Economist at Capital Economics, said the bigger than expected increase in core prices "suggests that underlying inflationary pressures may not be as subdued as is widely assumed." "Provided that the incoming activity data continue to deteriorate, however, the Fed still looks likely to cut interest rates again next month," Hunter said. The report showed the annual rate growth in both consumer prices and core consumer prices accelerated to 1.8 percent and 2.2 percent, respectively. Computer hardware stocks have moved sharply higher on the heels of the news of the delay in imposing tariffs, with the NYSE Computer Hardware Index spiking by 3.5 percent. Steel, energy, semiconductor, and retail stocks are also seeing considerable strength, moving to the upside along with most of the other major sectors. On the other hand, gold stocks are bucking the uptrend amid a pullback by the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 3.7 percent.