(In first sentence, corrects to say that Treasury yields rose,not that Treasury prices rose.)
* U.S. to delay some tariffs on Chinese exports
* Dollar soars against yen after U.S. makes some concessions
* Oil gains more than 3%, government debt prices rise
By Herbert Lash
NEW YORK, Aug 13 (Reuters) - U.S. and European stocksjumped, the dollar strengthened and Treasury yields rose onTuesday after the United States said it would delay tariffs onsome Chinese products, easing concerns that a protracted tradewar would harm global growth.
President Donald Trump backed off his plan to impose 10%tariffs on Sept. 1 on remaining Chinese imports, delaying dutieson cellphones, laptops and many other consumer goods in thehopes of blunting their impact on U.S. holiday sales.
Equity, debt and currency markets sharply reversed courseminutes after Wall Street opened for trade on news from HongKong about a call Chinese Vice Premier Liu He held with U.S.officials, according to China's Commerce Ministry.
Liu spoke with U.S. Trade Representative Robert Lighthizerand U.S. Treasury Secretary Steven Mnuchin on Tuesday evening, aministry statement said.
Shares of Apple Inc, a likely beneficiary of thetariff delay, rose 4.5% and the information technology sectorrose 2.46%, the biggest gainer among the 11 S&P 500 sectors.
Investors are closely watching the headlines and that iswhat markets are trading off of, said Candice Bangsund, a globalasset allocation strategist at Fiera Capital in Montreal.
"The news today is obviously good news. Risk appetite hasimproved drastically but it's consistent with the environment ofelevated uncertainty," Bangsund said.
Global growth should re-accelerate later this year as majorcentral banks cut interest rates and recent economic data provesbetter than where markets have traded on it, Bangsund said.
The damage created by tariffs will not go away becauseeconomic uncertainly remains, said Kristina Hooper, chief globalmarket strategist at Invesco in New York.
"We can continue in the situation we've been in for monthswhich is one step forward, further into the trade war abyss,followed by one step or a half step backwards," Hooper said.
Wall Street rallied on news of the tariff delay.
The Dow Jones Industrial Average rose 372.54 points,or 1.44%, to 26,279.91. The S&P 500 gained 42.57 points,or 1.48%, to 2,926.32. The Nasdaq Composite added 152.95points, or 1.95%, to 8,016.36.
Major stock bourses in Europe also surged, with the EuroSTOXX index of eurozone shares closing 0.92% higher.
Major equity indices had tumbled roughly 5% since late Julyon growing concerns that the ongoing U.S.-Chinese trade disputewould slam global growth and fester unresolved until after theNovember 2020 U.S. presidential election.
Markets also had slipped, with gold earlier hitting a morethan six-year high, as the unrest in Hong Kong and a rout in theArgentine peso drove investors already rattled by the trade warinto havens such as bullion, bonds and the yen.
The yen benefits in moments of geopolitical uncertainty andduring economic downturns. The U.S. dollar rose 1.27% to 106.63yen per dollar.
Yields on the benchmark U.S. 10-year Treasury notes hitsession highs, while those on 30-year Treasury bonds ralliedfrom more than three-year lows. Traders earlier were bracing for30-year yields to sink to a record low below 2.08%.
The 10-year Treasury fell 15/32 in price to pushits yield up to 1.6949%.
Oil prices rose more than 3% on the trade news.
Brent futures settled up $2.73 at $61.30 a barrel,while U.S. West Texas Intermediate (WTI) crude rose $2.17to settle at $57.10 a barrel.
Prior to Tuesday's gains, Brent had traded down more than20% since hitting a year high in April.
The Argentine peso was less volatile, trading in atighter range, down 6.04% at 55.30 to the dollar.
U.S. gold futures settled down 0.2% to $1,514.1 anounce.
(Reporting by Herbert LashEditing by Nick Zieminski and Will Dunham)